Energy & Science
Why Biofuels Have Been Left Behind
Poor government planning and impatient venture capitalists, among other things.
Dried distillers grains, a byproduct of ethanol production used as feed for livestock, sit in a storage area outside an ethanol plant in Underwood, North Dakota.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
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The price of renewable energy has plummeted over the past decade. Solar and onshore wind prices dropped 90% and 70% per megawatt-hour, respectively, according to BloombergNEF, and they’re now the cheapest form of new energy generation for two-thirds of the world. The price of lithium-ion battery packs fell 87%, and BloombergNEF predicts electric cars will become cost competitive with gasoline vehicles by the mid-2020s.