Who is leading the way in long-term storage?
While long-term energy storage has so far played a subtle role in the net-zero mix, it is just as important as wind and solar – and it will emerge from their shadows
Networked storage technology does attract attention, but it's often only for batteries and their limitations, mostly when discussing the range anxiety associated with electric vehicles. Although relatively few people talk about it, long-term energy storage (LDES) is arguably the most important monitoring technology in the new power game. Short-term storage is measured in minutes and is up to a maximum of 240 minutes. Medium-term storage times range from 4 hours to 12 hours, and LDES covers everything beyond that. It can last up to a few weeks, months, or even a quarter. The technology has recently become a hotbed of investment and innovation. What are the factors behind the surge in R&D activity?
First, LDES is seen as critical to energy security and market stability, helping the grid manage the peaks and troughs of supply and demand. It minimizes the risk of power outages, i.e. unexpected voltage drops. This resilience is becoming increasingly important given the spread of extreme weather events such as winter storms.
LDES is also critical for high-capacity electricity users such as heavy industry, as well as for consumers in remote areas where grid connectivity and supply may be limited. In fact, it provides them with a safety net. But the climate emergency means that LDES is more than just an insurance policy that protects against shocks to the system. It has become the key to the energy shift.
Decarbonizing the electricity supply is critical to achieving net-zero emissions, especially as the electrification of transportation and heat supply drive global demand for green energy. To fully exploit the potential of renewable energy sources such as solar and wind, their variable and intermittent yields need to be optimized.
As a result, storage space is booming. According to BluumbergNEF, the global market saw record-breaking growth last year, with its capacity increasing by 68% compared to 2021 and expected to grow 15-fold by the end of the decade.
