The COP22 conference serves as a timely reminder of the importance of renewable energy generation in the fight against climate change. At Low Carbon, we believe that all forms of renewable energy generation have the potential to improve the UK’s energy mix. One area where we are experiencing promising growth is in the energy storage market, specifically large-scale storage projects.
As this technology grows, evolves and attracts support from investors and government, we thought we would bring you up to speed on some quick energy storage facts. Enjoy:
- According to market research firm IHS, the energy storage market is set to “explode” to an annual installation size of 6 gigawatts in 2017 and over 40 GW by 2022 — from an initial base of only 0.34 GW installed in 2012 and 2013.
- Over 60 million Americans in 13 mid-Atlantic states plus the District of Columbia are already saving money and receiving highest quality service thanks to energy storage systems operating in that region.
- Energy storage can enable the integration of more renewables (especially solar PV and wind) in the energy mix.
- Storage technologies could decrease the need to invest in new conventional generation capacity, resulting in financial savings and reduced emissions especially from electricity generation.
- Energy storage technologies can also provide system stability during electricity outages by supplying energy at these times and reducing the financial costs of power outages (power cuts).
- Utilisation of storage also means fewer and cheaper electricity transmission and distribution system upgrades are required.
- Energy can be stored when prices are low and used on site when they are high to save consumers and businesses money on their bills. Alternatively the stored energy can be sold.
- Large amounts of energy storage can significantly reduce energy loss during transmission and distribution.
- Battery storage was already used in the early days of direct current electric power. Where AC grid power was not readily available, isolated lighting plants run by wind turbines or internal combustion engines provided lighting and power to small motors.
- Battery storage has relatively high efficiency, as high as 90% or better.