Power demand is inelastic. What these agencies say about power prices is true if you don't factor in the fact that wind isn't always blowing and the sun isn't

Power demand is inelastic. What these agencies say about power prices is true if you don't factor in the fact that wind isn't always blowing and the sun isn't always shining. When wind and solar can produce power, they can produce it very cheaply. 1 watt of solar power is very expensive to produce from starlight, and so is 1 watt of wind power on a calm day. The price of the batteries and/or overbuilt capacity has to be factored in to the price of renewable energy if you want to run the grid 100% on renewables. If you don't want batteries, and instead want a global grid, the cost of transport has to be factored in. Either proposition makes renewable energy extremely expensive for providing base load power, not to mention currently impossible. Currently, we need something like 10-100 TWh of batteries for grid stabilization in just the US. Taking a high estimate of 1 TWh this year, that would be 10-100 years of the entire current global lithium ion battery production (not including the fact that those batteries are going to depreciate over 5-10 years). Pumped storage and other (weirder) energy storage methods also can't scale up enough to get anywhere near this demand.