The
electrical grid is a complex network connecting thousands of power sources with
millions of consumers all across the U.S. While producing enough power to
supply the energy needs of a nation is an extremely difficult task, just as
challenging, if not more so, is the need to balance supply and demand on the
grid.
Traditionally,
the key approach to addressing this issue has been a centralized one, with
power generators adjusting daily production based on anticipated levels of
demand. But as the supply and demand picture continues to become more complex,
emphasis is beginning to shift again toward energy storage - systems that can
hold excess electricity until it is needed and then responsively release it
into the grid.
The
utilization of energy storage in the U.S. is far from new. A report by the Energy Storage Council (ESC)
highlights power generators in the 70’s and 80’s recognized the potential of
these technologies - creating a base of large-scale storage facilities that
accounted for nearly 3 percent of the nation’s electric capacity by the early
90’s. However, the industry suffered major setbacks under the pressures of
deregulation causing development to stall.
In
the last decade energy storage technologies have enjoyed a resurgence spurred
primarily by the burgeoning electric vehicle industry and private investment.
Utilities and investors are again recognizing the broad potential benefits of
energy storage technologies for power generators as they strive to meet demand.
The
potential economic impacts of energy storage are fairly widespread, but the
most basic idea is that these technologies will benefit utilities by maximizing
power generation and conservation through reliability. Instability can lead to
higher electric costs both because of inefficiencies at the generation level
and the need for greater maintenance at lower levels.
The
prospective benefits of energy storage are also gaining government attention
and support. Most recently, the U.S. Department of Energy announced $43 million
in funding from its Advanced Research Projects Agency-Energy (ARPA-E) for 19
new projects aimed at developing energy storage technologies.
Energy
storage also offers a more cost effective solution for intermittent renewable
energy sources like solar and wind, which are incapable of scaling generation
up or down in response to changing demand.
At
the same time, energy storage also has the potential to allow for more
consistent use of coal-fired power plants, which have difficulty adjusting
their output based on demand.
Energy
storage holds the potential to address many of the key challenges facing the
electric power industry. By raising the overall capacity and flexibility of
energy storage helps meet the needs of a high demand modern grid by optimizing existing
assets.
With
such wide ranging benefits, growing the energy storage sector is certain to
open up new and innovative opportunities for the electric power market.
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