1. From an energy service provider's perspective, how do you see the value of battery storage systems being maximized?
Energy storage systems offer a variety of benefits, including savings on electricity bills, energy security, improved power quality, expanded access to renewable energy, and new revenue generation. In particular, increased resilience to power interruptions through the deployment of energy storage systems ensures that they can continue to perform critical tasks while saving more money on electricity bills under normal operating conditions.
2. What advances have you seen in battery energy storage technology?
Energy storage industry players are developing many exciting new technologies that address all aspects of energy storage systems. The pace of energy storage deployment is accelerating as global battery production scales up to support a wide range of industries, including transportation, power systems and commercial products. Significant advances in battery technology are emerging, extending service life, improving safety, and reducing costs. We are also seeing advances and developments related to thermal management, intelligent controls and energy density of energy storage systems. As more experience is gained, the energy storage industry is gradually understanding how to deploy energy storage systems into use cases with multiple different revenue streams and in conjunction with other types of energy assets, such as solar generation facilities, to improve efficiency.
One particular area of energy storage development relates to safety codes and standards. Significant progress has been made in revising UL, IFC and NFPA codes and other specifications to ensure the safe operation of battery energy storage systems. This is an important aspect of success in the rapidly growing field of energy storage technology. These new codes and standards specific to energy storage systems will promote better and safer equipment design, as well as improved guidelines related to the installation and operation of energy storage systems.
3. How important are battery storage systems in making renewable energy sources, such as solar power facilities, more adequate?
Due to the massive deployment of solar power facilities over the past decade, prompting a rapid decline in installation costs, they are now a very viable and self-sufficient source of power generation. The deployment of battery storage systems can make solar power facilities more efficient by alleviating some of their problems, such as reducing the time of use, preventing fluctuations in power generation due to cloud cover or managing power quality (e.g., reactive power control). One example is the so-called "duck curve" phenomenon in California, where widespread deployment of solar generation facilities has caused a very steep upward cycle in the state's electric load curve, which is a serious challenge for utilities and grid operators. However, by supporting the deployment of energy storage systems, the load curve can be flattened to mitigate the problem and allow for increasing levels of renewable generation deployment.
Battery storage systems provide organizations with the ability to control energy, a unique advantage that allows for significant cost reductions, more efficient balancing of supply and demand, and prevention of power outages using energy storage technology.
4. What are the main benefits of energy storage systems?
Energy storage systems offer the unique benefit of giving organizations control over their power, while using energy storage systems to minimize costs, balance supply and demand more effectively and prevent power outages. While energy storage systems are common in many other industry applications, in the power sector, the cost benefits offered by energy storage systems are revolutionary, providing new opportunities for end users to manage their consumption. Energy storage systems offer exciting new opportunities to accelerate the transition to a decarbonized energy future.