tl;dr: Four-hour battery storage is now cheaper than open-cycle gas turbines in all 43 markets Wood Mackenzie modeled, driven by expanding battery manufacturing (led by China, which sits 55% below the Asia Pacific average) and rising gas peaking costs. Single-axis solar is the lowest-cost new build in 43 of 48 markets, with Saudi and UAE solar projected below $20/MWh by 2033. The combination is foreclosing the economic case for new gas peaker capacity globally, though North American costs face near-term pressure from tariffs and Section 232 import restrictions.