Australia’s National Electricity Market (NEM) has been handed the title of “most volatile electricity market” in the world, with an urgent need for energy storage to mitigate that volatility.
Cumulative energy storage installations will go beyond the terawatt-hour mark globally before 2030 excluding pumped hydro, with lithium-ion batteries providing most of that capacity, according to new forecasts.
Justin Rangooni, executive director of Energy Storage Canada, explains why hitting the country’s 2050 net zero target will be impossible without at least 8GW of energy storage by 2035.
Grid-connected energy storage deployments have enjoyed a compound annual growth rate (CAGR) of 74% worldwide in the years 2013 to 2018, with a “boom” in deployment figures expected over the next five years, analysis firm Wood Mackenzie has said.
Energy storage is likely to be worth “tens of billion dollars in the next five to 10 years” across a number of global regions, according to executives at solar microinverter firm Enphase.
