Big Utility Sees Pathway to $10 Oil
- Lower cost for solar, hydrogen and batteries to weigh on crude
- Innovation chief Lepercq sees ‘quasi-infinite and free energy’
Lithium-ion battery cells.
Photographer: Lisi Niesner/BloombergThis article is for subscribers only.
The oil industry must brace for five energy “tsunamis” that threaten to drag prices as low as $10 a barrel in less than a decade, according to Engie SA’s innovation chief.
The falling cost of solar power and battery storage, rising sales of electric vehicles, increasingly “smart” buildings and cheap hydrogen will all weigh on crude, Thierry Lepercq, head of research, technology and innovation at the French energy company, said in an interview.