Storage-plus PPAs are already less expensive than the levelized cost of energy (LCOE) for combined-cycle natural gas in the United States, according to a recent report from Navigant Research.

Lithium-ion batteries are one of the main drivers in the growth of the utility-scale energy storage market, accounting for almost 30% of non-pumped storage capacity developed since 2011, the report found.

The report comes amid growing expectations that electric utilities increase their investment in storage-plus renewable energy projects as power purchase agreement (PPA) prices continue to fall and adoption expands.

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