As renewables have become increasingly prominent on the electrical grid, energy storage has a key role to play in the transition towards a carbon-neutral economy. Energy storage systems allow energy consumption to be separated in time from the production of energy, they provide energy system flexibility and they can be deployed quickly and modularly. Several countries are supporting storage deployment through targets, subsidies, regulatory reforms and R&D support, however according to the International Energy Agency’s Grid Scale Storage Report from 2022 greater efforts would be needed in order to reach the net zero scenario. There are many ways of storing energy, each with their strengths and weaknesses and the market for storage technologies knows many different technical approaches. Design, mode of operation, storage duration, and capacity also vary greatly depending on the individual characteristics of each technology. The main categories are chemical, electrical, electrochemical, mechanical and thermal storages.
According to a study on energy storages published by the European Commission in 2020, the main energy storage reservoir in the EU is currently by far pumped hydro storages (PHS) which are one of the most conventional storage solutions. PHS plants store energy using two interconnected reservoirs with one at a higher elevation than the other. Water is pumped to a higher elevation for storage during low-cost energy periods and when electricity is needed the water is released back to the lower reservoir generating power through the turbines. In comparison to other forms of energy storage, PHS can be a cheaper option, especially when it is large scale, however its potential is limited by the availability of sites and geographical conditions.
New battery projects are also rising where lithium-ion batteries represent most of the electrochemical storage projects (European Commission, Study on energy storage – Contribution to the security of the electricity supply in Europe, 2020). Europe is one of the leading continents in utilising li-ion batteries in multiple applications (energy storage, rail, automotive) but in general global demand is growing rapidly. In 2021, global investment in battery energy storage reached almost 10 billion USD from which li-ion batteries took more than 90% of total deployment in 2020-2021 (International Energy Agency, Grid-Scale Storage, 2022). The EU has multiple initiatives to support batteries. Batteries Europe, launched in 2019, is the European technology and innovation platform of the European Battery Alliance, run jointly by the European Commission and stakeholders in the battery industry. Most of the new EU collaborative research projects on batteries are taking place under the BATT4EU Partnership – which is a co-programmed partnership established under Horizon Europe – , with €925 million earmarked for the current 7-year financial perspective. Simultaneously, a number of EU countries have teamed up for Important Projects of Common European Interest (IPCEI) on batteries research and innovation.
At Enasco, we provide techno-economic analysis as part of our advisory services and have strong technological knowledge in the energy transition. Our experience enables us to evaluate all available options and identify the most suitable path for your business. Please, let us know if you need any further information.
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