Solving the energy storage problem

Why is energy storage important?

Energy storage is a potential substitute for, or complement to, almost every aspect of a power system, including generation, transmission, and demand flexibility. Storage should be co-optimized with clean generation, transmission systems, and strategies to reward consumers for making their electricity use more flexible.

How will energy storage help meet global decarbonization goals?

To meet ambitious global decarbonization goals, electricity system planning and operations will change fundamentally. With increasing reliance on variable renewable energy resources, energy storage is likely to play a critical accompanying role to help balance generation and consumption patterns.

What is the future of energy storage study?

The Future of Energy Storage study is the ninth in MITEI’s “Future of” series, which aims to shed light on a range of complex and important issues involving energy and the environment.

Why do we need a co-optimized energy storage system?

The need to co-optimize storage with other elements of the electricity system, coupled with uncertain climate change impacts on demand and supply, necessitate advances in analytical tools to reliably and efficiently plan, operate, and regulate power systems of the future.

How will storage technology affect electricity systems?

Because storage technologies will have the ability to substitute for or complement essentially all other elements of a power system, including generation, transmission, and demand response, these tools will be critical to electricity system designers, operators, and regulators in the future.

How much does energy storage cost?

Studies have shown that for renewables to become the source of 90 to 95 per cent of all electricity, the cost of energy storage must be below US$150/kWh. Modern lithium-ion systems are still sitting around US$350/kWh.