Energy and Natural Resources Committee reviews cost reduction in emerging energy technologies

U.S. Sen. Lisa Murkowski (R-AK), chairman of the Senate Committee on Energy and Natural Resources, recently held an oversight hearing to discuss cost trends in emerging energy technologies.

The witnesses, leaders from various sectors of the energy industry, discussed trends related to oil, natural gas, renewables, energy storage and alternative fuel vehicles.

“Technological innovation in the energy industry has dramatically expanded our nation’s energy supply
and decreased the costs of energy production,” Murkowski said. “Not only have these trends translated into significant cost savings on energy for our families and businesses all across the country, but have also strengthened our national security and future energy supply.”

The cost of wind turbines fell by 27 percent from 2009 to 2015, while the cost of solar panel installations decreased by 60 percent over the last decade. The cost of lithium-ion batteries per kilowatt-hour has seen a 77 percent drop since 2010, which has made electric and hybrid vehicles more cost-competitive. Over the past two years, U.S. shale operators reduced their production costs by up to 40 percent.

“My hope is that this hearing will both set the stage and serve as a jumping off point, so that we can
develop meaningful policy that continues to drive cost reductions and promote affordable energy for the American people,” Murkowski said.