Wood Mackenzie report finds four-hour battery storage cheaper than gas peakers in 43 markets, with U.S. and Canada facing tariff-driven cost headwinds

Wood Mackenzie's latest Levelized Cost of Electricity report finds four-hour battery storage has fallen below open-cycle gas turbines on cost in all 43 global markets modeled, and single-axis tracker solar is the lowest-cost new-build source in 43 of 48 markets. North America is the exception: near-term solar costs in the U.S. and Canada remain elevated under tariffs, AD/CVD actions and Section 232 import restrictions, with module prices projected to climb about 5% annually through 2030, residential and commercial module prices up 6% in 2027 and a further 14% in 2028, and utility-scale developers buffered by 168 GW of safe-harbored capacity.