Supply chain shocks are causing short-term rises in the price of lithium-ion battery packs, but overall the price trend is downward and by 2024 average prices could dip below US$100/kWh.

The US could see new mines and raw material production “scale up” as demand for battery energy storage systems and grid resilience increases over the next decade, according to Margaret O’Riley, battery, automotive and electrification business recruitment lead for Duke Energy Corporation.

The devastating power crisis in Texas last month proved the value of the energy storage market, particularly distributed models, according to a panel of renewables investors this week.