Wood Mackenzie: 4-hour batteries now cheaper than gas turbines in 43 markets

Wood Mackenzie's LCOE analysis finds four-hour battery systems now undercut open-cycle gas turbines for peaking power across all 43 modeled global markets. China's grid-scale storage costs run over 55% below the Asia Pacific regional average of roughly $134/MWh.

• 4-hour batteries beat gas peakers on modeled cost in all 43 markets
• China grid storage is 55%+ below APAC average of ~$134/MWh
• Middle East and Africa storage costs to fall 33% by 2035
• Single-axis-tracker solar is cheapest new-build in 43 of 48 markets