Energy storage is a type of technology that can store energy so that it can be used at a later time. Renewable energy solutions, such as solar or wind power, rely on the intermittency of the sun and wind to generate electricity. Energy storage provides a way to even out the peaks and valleys of electricity demand throughout the day by storing energy when demand is low and releasing it when demand is high. There are different types of energy storage, but one of the most promising is behind-the-meter storage. This type of storage is connected directly to the buildings or homes it serves and can provide energy services to customers while also providing grid services, like balancing energy supply and demand. As energy storage becomes more widespread, it has the potential to improve the power system and reshape the way we approach energy supply.
One of the benefits of energy storage is that it can help increase the efficiency of the energy supply system. For example, by providing services as a generation, transmission, and distribution resource, energy storage can help to reduce the amount of energy lost in transmission and distribution. In addition, storing energy behind the meter can help reduce the amount of energy required from the grid, thereby increasing the overall efficiency of the electricity supply system.
As the world continues to move away from fossil fuels and towards renewable energy sources, the need for efficient energy storage solutions has never been greater. While solar and wind energy are both plentiful and environmentally friendly, they are also intermittent, meaning they cannot always provide a steady stream of power when needed. Energy storage solutions help mitigate this problem by providing a way to store excess energy for use at a later time. There are many different energy storage solutions available, each with its advantages and disadvantages. For example, lithium-ion batteries are popular for their high energy density, but can be expensive and have a limited lifespan. Alternatively, pumped hydroelectric storage is much cheaper but requires a large amount of land and water. Ultimately, the best energy storage solution will vary depending on the specific needs of the grid. However, one thing is certain: innovative and efficient energy storage solutions will play an important role in ensuring the integration of renewable energy sources into the grid at the lowest cost. Storage solutions and efficiency will help reach decarbonization objectives while securing the energy supply.
In this report, ScottMadden and ACORE explore the following questions as they pertain to storing energy:
Read the full report: Beyond Renewable Integration: The Energy Storage Value Proposition.
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