The main benefits of energy storage are:
• Reducing the risk of power outages and reinforcing the grid
• Saving energy consumers money
• Clean energy integration and energy independence
• Creating jobs and benefitting the economy
Energy storage systems have the potential to help:
• Maintain the security of power supply
• Maintain power quality
• Defer costly investments in building new cables and wires for transmitting increasing amounts of intermittent renewables
• Create more headroom so that supply can satisfy demand as more coal-fired power plants are closed
Energy storage market drivers:
• Batteries, a key energy storage technology, are becoming more affordable, with increasing performance in long-life applications, such as grid storage and EVs
• Renewable energy and carbon reduction targets in response to climate change
• Transition to distributed electricity generation, away from centralised power generation and supply
• New demand patterns due to electrification of heating and transportation, which requires linking up between once-disparate industries such as automotive and energy/utilities – storage is a key enabling technology
• Transmission and distribution (T&D) network challenges – as more renewables, such as solar PV and wind generators are built, energy storage can ensure these intermittent resources actually meet peak demand
Energy storage and solar PV
Energy storage is seen as a key technology to support the future development of renewable energy, particularly solar PV, as feed-in tariffs have declined in many parts of the world.
Following several years of large-scale deployment, PV is now a significant contributor to the energy mix of a growing number of countries.
Solar PV is now able to produce electricity at highly competitive prices and provide attractive distributed solutions to deliver energy in remote locations.
Energy storage is an indispensable part of our energy future, especially if we wish to meet ever-increasing levels of primary energy delivered from renewable sources.
The development of storage solutions for PV electricity is critical to the future of the industry and will advance its potential to work alongside or even replace existing electricity sources.
Solar and storage will also enable huge advances in microgrid and off-grid systems to deliver power in remote areas not connected to conventional power grids.