ABSTRACT
There is an energy revolution brewing. The way in which we power our homes, fuel our cars, and light our cities is evolving rapidly. Renewable energy has brought a low-carbon economy within our reach. Technological developments in renewable power generation, energy storage, and grid management services have made a complex, smart power system technologically feasible, while business models and regulatory advances have created the necessary economic milieu. As a result, renewable generation capacity has proliferated dramatically across power grids. As volumes have scaled up, costs have continued on a steady downward march. This is seen in the experience curve of solar, batteries, and wind (Figure 11a.1). As cumulative production increases, prices drop proportionally. Thus decreasing costs will incentivize further deployment, in turn decreasing costs in a selfperpetuating cycle.
