Lithium carbonate prices have started to creep back up again after coming down from 2022’s extreme highs, but the long-term outlook is one of downwards prices, research firm Fastmarkets said.

Cost inflation and supply chain issues have forced California utility PG&E to increase the prices it will pay for 2GWh of battery storage projects, in a move which has been approved by regulators.

Any new energy technology asset class comes with risk that needs to be recognised, write Liam McEneaney and Daniel Stevens at AXIS Insurance.