Does energy storage deliver value?

In a case study of a system with load and renewable resource characteristics from the U.S. state of Texas, we find that energy storage delivers value by increasing the cost-effective penetration of renewable energy, reducing total investments in nuclear power and gas-fired peaking units, and improving the utilization of all installed capacity.

What is the future of energy storage?

With the advent of smart grid technologies and the growing need for enhanced grid flexibility, a future with more distributed energy resources (DER) is increasingly becoming a necessary reality. Over the last decade, significant improvements have been made in the cost, performance, and reliability of energy storage systems (ESSs).

Do energy storage systems make an economic case?

Over the last decade, significant improvements have been made in the cost, performance, and reliability of energy storage systems (ESSs); however, the ability to make an economic case for energy storage has proven challenging due in part to an absence of consensus around how to value or model the services ESSs can provide to the grid.

Why is energy storage important?

The importance of energy storage is magnified in a scenario predominately reliant on variable renewables to decarbonize the power system. With the addition of sufficient energy storage, it becomes technically feasible to meet a 100 tCO 2 /GWh limit with only wind, solar, and gas-fired plants, as discussed above.

What is the cost-benefit of energy storage?

Cost-benefit of energy storage: system value of 10-h energy storage capacity for different carbon emissions goals and minimum and maximum current estimated cost of pumped-hydro storage systems (∼30 year life) for comparison.

Can electrical energy storage help decarbonize the power sector?

Electrical energy storage could play an important role in the deep decarbonization of the power sector by offering a new, carbon-free source of operational flexibility in the power system, improving the utilization of generation assets, and facilitating the integration of variable renewable energy sources (i.e., wind and solar power) , .