Renewables retain cost advantage: Energy Transition Chartbook

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Renewables retain cost advantage: Energy Transition Chartbook

Equities & Commodities

Global Renewables retain cost advantage

Energy Transition Chartbook: July 2026

◆ Lazard’s 2026 LCOE+ report for US generation shows unsubsidised onshore renewables remain the cheapest

Charles Swabey*

source of new-build generation, yet there is cost inflation across all generation types due to tariffs, supply chain Global Utilities & Renewables Analyst

HSBC Bank plc

repricing, increased capital costs and sustained interest rates charles.swabey@hsbc.com

+44 20 3268 3954

◆ China’s energy policy is increasingly focused on energy security and on quality ahead of scale; a more Meike Becker*

market-based approach is positive for BESS deployment and utilisation; China accounts for >50% of global SeniorHSBC BankGlobalplcUtilities & Renewables Analyst

BESS additions and is aiming to double capacity to 300GW by 2030 meike.becker@hsbc.com+44 20 7991 6441

Evan Li*

◆ Resumption of Hormuz hostilities will make refilling Europe gas inventories more complicated, increasing the Head, Asia Energy Transition Research

risk of prices spikes and volatility this winter; European and Asian LNG prices up >30% since June; 1-year TheLimitedHongkong and Shanghai Banking Corporation

forward power prices at highest level since 2023 in the UK and Germany evan.m.h.li@hsbc.com.hk+852 2996 6619

Kim Fustier*

This chartbook provides a monthly commentary across the main This is our latest report on the Energy Transition theme. If you Senior Global Oil & Gas Analyst

energy sectors to include oil, gas, power, and renewables. want to subscribe to any of our nine big themes, click here. kim.fustier@hsbc.com

+44 20 3359 2136

Sean McLoughlin*

Senior Global Industrials Analyst