The levelised cost of electricity (LCOE) that can be achieved today for battery energy storage means that “new-build batteries can be competitive on cost with gas peaker plants,” according to BloombergNEF.

In short, energy storage technology is set to revolutionise our society, EVs and beyond, with power companies among the most affected – whether they like it or not. The sector needs to wake up to this and decide what it is going to do about it. Education could provide the wake-up call that power professionals need, says Bo Normark of InnoEnergy.