Gas peakers have always had one decisive economic advantage: they were relatively cheap to build. A peaking plant could sit idle for most of the year, then start when demand and electricity prices surged. Its fuel was expensive and its efficiency often mediocre, but low upfront costs made that acceptable. The owner did not need thousands of operating hours to recover an enormous initial investment. Australia has now crossed an important threshold. The country’s CSIRO, working with the Australian Energy Market Operator, finds that batteries…

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