The rise of energy storage will enjoy a similarly meteoric trajectory to that enjoyed by solar PV deployment in the past and could reach 305GWh of installations by 2030, BNEF has predicted.
Panellists at the opening day of Solar and Off-Grid Renewables Southeast Asia event in Bangkok warned that investors who come on board quickest are going to gain a huge advantage as solar-plus-storage starts to become viable at scale.
While energy storage can be considered “critical” to Australia’s transformation to a distributed, low carbon energy mix, a lack of investment and planning for the technology could have negative consequences for the network.
Melbourne-headquartered mining giant BHP, in partnership with the Rocky Mountain Institute (RMI), has projected 500MW of potential capacity combining solar, wind and energy storage at its old North American mining sites.
Sunrun CEO Lynn Jurich has said that using behind-the-meter systems to provide grid services could be “extremely valuable in certain targeted ways” as the company rolls out energy storage systems into key regional markets.
The US national Energy Storage Association (ESA) has advocated that the nation should aim to deploy 35GW of energy storage by 2025, claiming it could result in US$4bn of network cost savings and generate 167,000 jobs.
A representative of National Grid, the UK’s transmission system operator (TSO), has said that energy storage will be “integral” to the network’s flexibility strategy – while urging developers not to rely solely on early frequency regulation contracts.
While decreases in costs continue to make energy storage more and more competitive, financial advisory and asset management firm Lazard has highlighted just how variable project economics can be, citing examples of US projects with 9%, 11% and 21% IRR (internal rate of return).
German renewables funder Capital Stage is lining up its first battery storage move, but stressed it could be some time before business models are mature enough.
The Green Climate Fund (GCF) is providing a US$12 million grant as additional financing for 6MW of grid-connected solar PV combined with 3MW/12MWh of battery energy storage projects on the Cook Islands.
Nidec ASI has been selected to construct and maintain four PV plants with co-located energy storage systems on the French island territory of Corsica.
Australia has launched new interactive maps of the electricity grid specifically to support decentralised usage of distributed energy resources (DERs) including battery storage, renewable energy and smart demand management.
ZEN Energy’s newly appointed chairman has said he believes there is a “great future for energy-intensive industries in Australia,” as his company approved a 1GW plan for dispatchable renewables aimed at South Australia’s commercial and industrial sector.
Updated: Singapore’s Energy Market Authority (EMA) will trial the use of lithium batteries and redox flow energy storage to help integrate renewable energy onto its grid, delivering services both in-front and behind-the-meter.
Tata’s Delhi utility, German development agency cooperating on PV, energy storage, energy efficiency
Indian Discom (distribution company) Tata Power Delhi Distribution Limited (Tata Power-DDL) and German government-owned entity GIZ have signed a memorandum of understanding (MoU) to work jointly on promoting rooftop solar, energy storage systems, EVs and smart grid initiatives.
The amount of VC funding invested in battery energy storage companies in the first nine months of this year has more than doubled from the equivalent period of 2016, according to a report from Mercom Capital.