The business case for new fossil generation plants is “crumbling” in the face of “spectacular” cost-of-energy reductions by the wind, solar and battery storage sectors, according to analysts at Bloomberg New Energy Finance (BNEF).

The research group pegged 18% year-on-year falls in global levelised cost of energy (LCOE) for both onshore wind and PV without tracking over the first six months of 2018, benchmarking them at $55/MWh and $70MWh respectively.