We know all about renewable generation, but what about storage? It’s often overlooked but battery energy storage systems (BESS), could solve many of renewable energy’s problems. Think we need to rely on oil and gas when the sun isn’t shining or the wind isn’t blowing? Not with enough storage.
Rystad Energy Says Battery Storage Will Skyrocket
Battery storage capacity is predicted to grow tenfold between now and 2030 according to a new report by Rystad Energy. They say it comes down to lowering costs, helpful legislation and rising capacity in China.
Rystad says installations of BESS will grow by 33% each year on average. This will be fuelled by increased demand for both commercial and residential use. But that’s not all! They reckon our capacity will grow 72% this year! The reason for this comes down to the US Inflation Reduction Act and the EU Green Deal. Isn’t it great to see a direct positive impact of government decisions?
Last year we had storage of 43GWh. Rystad is predicting that we’ll have 421GWh new capacity by 2030. They say 110GW will be deployed in 2030 with an average duration of four hours. It’s looking like the industry is right at the beginning of a golden age! The US is leading the world in BESS installation but Asia isn’t far behind. In a few years it’s expected they will surpass American progress in the area.
Battery storage allows the supply and price of renewable energy to be regulated. Energy can be stored for times without the correct weather conditions to generate enough energy through wind or solar. This way storage can even out supply. Stored energy can also be traded in the electricity market, allowing for the price to be balanced. Rystad reckon BESS will be used as a “transmission asset” in future.
Conclusion
So there you have it. Battery storage will grow 72% this year and 10x by 2030. Hopefully, the increase in BESS will allow for continued development of renewable generation too. Perhaps, this could be just what we need to speed decarbonisation. Do you think more battery storage is important?
