Lesson 3 of 3 Math checked Last reviewed 28 September 2026 13 min

Power players, trends 2024 to 2026, and how to crack the cases

Who the players are by region, what changed from 2024 to 2026, regulation basics, typical prompts, traps and drills.

Industry brief, with a one-minute summary: Power and renewables

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Key takeaways

Power cases usually ask whether to build something (a plant, a battery, a line), how to fix a loss-making utility, or how to reach a clean energy target.
Common traps: Mixing up MW (capacity) and MWh (energy).
Solar is growing fastest.
Costs: IRENA reports a global average LCOE for new solar of about USD 0.043 per kWh (USD 43 per MWh) in 2024 and about USD 0.034 per kWh for onshore wind, with large differences by country.
Batteries: BloombergNEF's 2025 survey found average lithium-ion pack prices of USD 108 per kWh, and about USD 70 per kWh for stationary storage packs, the cheapest segment for the first time.

Key idea

Power cases usually ask whether to build something (a plant, a battery, a line), how to fix a loss-making utility, or how to reach a clean energy target. The answer almost always depends on cost per MWh, when the power is produced, and whether the grid and the buyer can take it.

Examples of power players by region (examples only, not a ranking)

Examples of power players by region (examples only, not a ranking)
Region	Utilities and system operators	Developers and generators	Equipment makers
Europe	EDF, Enel, E.ON, national grid operators	Iberdrola, RWE, Engie, Orsted	Siemens Energy, Vestas, Nordex
Gulf	EWEC (Abu Dhabi), DEWA (Dubai), Saudi Electricity Company	ACWA Power (Saudi Arabia), Masdar (UAE)	Mostly imported; local assembly growing
India	State DISCOMs, Power Grid Corporation of India	NTPC, Adani Green Energy, Tata Power, ReNew, JSW Energy	Growing local solar module makers; imported cells
Africa	Eskom (South Africa), Kenya Power, national utilities	IPPs and developers backed by development banks	Mostly imported
China and wider Asia	State Grid Corporation of China, Tenaga Nasional (Malaysia)	China Three Gorges, many Asian IPPs	LONGi, Jinko Solar, Goldwind, CATL, Sungrow

So-what

In the Gulf and India, the buyer is usually a state entity, so the tender rules and the buyer's ability to pay decide who wins and at what price.

Trends 2024 to 2026 (checked 28 September 2026)

Solar is growing fastest. Ember's Global Electricity Review 2026 reports that solar generation rose about 30 percent in 2025, and that renewables supplied about 33.8 percent of world electricity, slightly more than coal for the first time.
Costs: IRENA reports a global average LCOE for new solar of about USD 0.043 per kWh (USD 43 per MWh) in 2024 and about USD 0.034 per kWh for onshore wind, with large differences by country.
Batteries: BloombergNEF's 2025 survey found average lithium-ion pack prices of USD 108 per kWh, and about USD 70 per kWh for stationary storage packs, the cheapest segment for the first time.
Europe: wind and solar produced about 30 percent of EU electricity in 2025, more than fossil fuels (about 29 percent), according to Ember's European Electricity Review 2026, which also saw early signs of batteries covering hours when gas plants used to set the price. When sun and wind are strong, wholesale prices fall, sometimes below zero (see the merit order in lesson 2).
India: non-fossil sources passed 50 percent of installed capacity in June 2025. Government data show about 267 GW of non-fossil capacity, about 52 percent of the 514 GW total, at 31 December 2025, after about 38 GW of solar was added during 2025. The target is 500 GW of non-fossil capacity by 2030 (Press Information Bureau).
Gulf: Masdar and EWEC are building a 5.2 GW solar plant with 19 GWh of batteries in Abu Dhabi, designed to supply 1 GW around the clock, with operation expected in 2027.
Africa: the World Bank reported in June 2026 that Mission 300, a program with the African Development Bank, had connected over 50 million people to electricity, towards a goal of 300 million by 2030.
Gas and LNG: after the 2026 disruption to Gulf LNG exports (see the Oil and gas module), LNG prices in Europe and Asia rose to roughly their highest levels since late 2022, according to The National (September 2026). That raises power costs in markets that import LNG for gas-fired plants.
Demand: the IEA's Energy and AI report expects electricity use by data centres to grow strongly to 2030, which is adding new demand in the US, Europe, the Gulf and Asia.

Regulation basics

Grids are regulated: a regulator sets tariffs and the allowed return on the network.
Renewables are often bought through auctions or tenders; the lowest price per MWh that meets the rules usually wins.
Retail tariffs are set or capped by governments in many countries, often below cost for some customers, which creates subsidies and utility losses.
Grid codes set technical rules for connecting plants; connection rights and queues decide who can build.
Carbon rules, such as emissions trading in Europe, raise the running cost of coal and gas plants.

Typical case prompts and how to crack them

Power case prompts, the structure to use, and the first driver to check

Power case prompts, the structure to use, and the first driver to check
Prompt	Structure hint	First driver to check
Should we bid in a 1 GW solar tender in Saudi Arabia?	Investment: LCOE vs expected tariff, financing, risks, capability to win	LCOE at a realistic cost of capital compared with recent winning tariffs
A state distribution company in India loses money. Fix it.	Cost to serve vs revenue per unit: power purchase cost, losses, tariff mix, collection	AT&C losses and collection rate
Should a European utility add batteries to its solar parks?	Revenue stacking: price spreads, grid services, capacity payments, minus cost	Size and frequency of evening price spreads
How can a country in Africa reach universal electricity access?	Segment: grid extension, mini-grids, solar home systems; cost per connection; financing	Cost per connection by option and population density
A gas power plant runs fewer hours each year. What should we do?	Merit order: position vs renewables, capacity payments, flexibility, closure option	Running hours and spread between power price and fuel cost

So-what

Ask who buys the power and how reliably they pay. A cheap plant with a buyer that does not pay is a bad investment.

Common traps

Mixing up MW (capacity) and MWh (energy). Comparing solar and gas on capacity instead of energy produced. Using LCOE alone and ignoring when power is produced. Forgetting the cost of capital, which can change a renewable project's cost by a third. Assuming a regulated grid can raise prices freely. Ignoring grid connection and curtailment. Treating a state buyer as risk free when it has a history of late payment.

Related case-type modules

Investment and capital project decisions; Sustainability and decarbonization; Government and economic development; Pricing; Operations and process improvement.

Structuring drill

In a wholesale market, demand this hour is 900 MW. Offers: solar 400 MW at USD 0, nuclear 300 MW at USD 10, gas 500 MW at USD 70, oil 200 MW at USD 150 (all per MWh). Which plant sets the price?

Timed math drill

A 200 MW solar plant in India has a capacity factor of 22 percent. How much energy does it produce in a year, in MWh?

Check your understanding

What usually matters most for the cost per MWh of a solar plant?

Check your understanding

On a sunny, windy afternoon in Europe, wholesale prices fall sharply. Why?

Check your understanding

A state DISCOM in India loses money. Which is a strong first thing to check?

Terms in this lesson

Market share IRR (internal rate of return)Payback period Sensitivity analysis LCOE (levelized cost of electricity)Independent power producer (IPP)AT&C losses (aggregate technical and commercial losses)Capacity factor Merit order PPA (power purchase agreement)Curtailment

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