And it also warns that the battery phenomenom will be even more profound than the solar revolution currently sweeping the globe, and will sweep aside any traditional utilities that remain focused on centralised generation.
The predictions of Citigroup analysts are a reprise of predictions it made in August last year, when it predicted that battery storage costs could fall to around $230/kWh by 2020, and eventually be as low as $150/kWh. The global market for battery storage could be worth more than $400 billion by 2030.
The significance of its latest update is that these forecasts, and their potential impacts, are included as part of its analysis of the 10 major investment themes for 2015.
The issue is therefor rapidly moving beyond those with a narrow focus on utilities and energy markets, it is now part of mainstream financial thinking, and because of that will have a profound influence on capital flows across the globe.
Citi says improvements in battery storage both in terms of operational performance and economic terms should expand and accelerate the trend for corporates and households to become self-sufficient in terms of electricity generation.
Read more at Citigroup Predicts Battery Storage Will Hasten Demise of Fossil Fuels
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