The world has set a goal to be net-zero by 2050 to avoid the worst impact of climate change. In order to achieve this goal, we desperately need cooperation between the most developed nations in the world to achieve consensus and enact key climate policies. Second, we need to accelerate the development, commercialization, and deployment of Long-Duration Energy Storage (LDES) and the build-out of the Smart Grid.
Long Duration Energy Storage
The key to achieving net-zero is transitioning society's reliance on fossil fuels to low/zero-carbon energy sources like solar and wind. However, the biggest problem with renewable energy sources like solar and wind is that it's intermittent, meaning the time and periods in which electricity can be generated are limited and uncontrollable as it is weather dependent. In fact, solar and wind generation doesn’t match the energy demand from consumers throughout the day as can be seen in Figure #1 below.
Figure 1: Typical renewable power generation vs consumer power demand pattern throughout the day.
In order to decarbonize our energy system and expand renewable capacity in our electricity system to be the dominant energy source, the intermittent issue has to be resolved. The key technology that addresses the intermittent renewable energy problem is LDES.
Right now the deployment of short-term energy storage (STES) such as lithium-ion batteries has grown rapidly and is expected to grow at a CAGR of 18% to become a $180 billion dollar market by 2030. However short-term energy storage systems like lithium-ion batteries can only store and supply power over minutes, hours and days. To ensure we have sufficient low/zero-carbon energy supply to meet demand during long periods of unexpected low renewable energy generation, we need reliable, cost-effective long-duration energy storage that can store and supply large amounts of energy for weeks and even months.
The most reliable and cost-effective LDES technology currently and has been for a long time is pumped storage hydropower (PSH). However, the problem with PSH is that there are limited sites around the world where geography allows a PSH to be built. This limits the scalability of PSH in being able to help many places around the world transition away from fossil fuels.
The ideal LDES not only needs to be reliable, cost-effective, and efficient, it cannot be limited by geography and needs to be scalable. As of 2022, a few promising LDES technologies could be the solution to making 100% renewables a reality: Gravity Storage, Flow Battery, Molten Salt Battery, Liquid Air Energy Storage, and Sand Battery.
Outside of PSH, other LDES technologies are still years away from being as market competitive and attractive as lithium-ion batteries currently are. What can help increase renewable energy capacity in our electricity system in addition to STES and LDES is upgrading our electricity grid to a smart grid.
The Smart Grid
Our electricity grid was built over a century ago and it was built with only one-direction communication and transfer of power from the utility to the consumer in mind. The grid wasn’t built to take into account renewable energy sources like rooftop solar or wind power and the birth of prosumers, who are consumers who don’t just consume power from the grid, but who also generate and transfer power back to the grid through their rooftop solar power system or electric vehicles.
By upgrading our current power grid to a smart grid, it will transform from a one-way communication infrastructure to a two-way communication infrastructure between the utility and customers. The grid will have new hardware and software, such as sensors, computers, automation, and artificial intelligence, allowing it to detect and respond quickly to the changing electricity supply and demand at all points of the transmission system. Not only will these upgrades improve the transmission efficiency, reduce operation costs, and prevent widespread blackouts, but it will allow the integration of large amounts of renewable energy into the energy system.
Energy Subsidies
As of 2020, fossil fuels still received close to 70% of government energy subsidies. This needs to change and energy subsidies need to be evenly distributed between fossil fuel technology and low carbon technology in order to create a fair global energy market. Any additional subsidies that are given to low carbon technology need to primarily go to the R&D, commercialization, and deployment of LDES and the build-out of the smart grid in order for a net-zero society to be achievable.
Long Duration Energy Storage
The key to achieving net-zero is transitioning society's reliance on fossil fuels to low/zero-carbon energy sources like solar and wind. However, the biggest problem with renewable energy sources like solar and wind is that it's intermittent, meaning the time and periods in which electricity can be generated are limited and uncontrollable as it is weather dependent. In fact, solar and wind generation doesn’t match the energy demand from consumers throughout the day as can be seen in Figure #1 below.
Figure 1: Typical renewable power generation vs consumer power demand pattern throughout the day.
In order to decarbonize our energy system and expand renewable capacity in our electricity system to be the dominant energy source, the intermittent issue has to be resolved. The key technology that addresses the intermittent renewable energy problem is LDES.
Right now the deployment of short-term energy storage (STES) such as lithium-ion batteries has grown rapidly and is expected to grow at a CAGR of 18% to become a $180 billion dollar market by 2030. However short-term energy storage systems like lithium-ion batteries can only store and supply power over minutes, hours and days. To ensure we have sufficient low/zero-carbon energy supply to meet demand during long periods of unexpected low renewable energy generation, we need reliable, cost-effective long-duration energy storage that can store and supply large amounts of energy for weeks and even months.
The most reliable and cost-effective LDES technology currently and has been for a long time is pumped storage hydropower (PSH). However, the problem with PSH is that there are limited sites around the world where geography allows a PSH to be built. This limits the scalability of PSH in being able to help many places around the world transition away from fossil fuels.
The ideal LDES not only needs to be reliable, cost-effective, and efficient, it cannot be limited by geography and needs to be scalable. As of 2022, a few promising LDES technologies could be the solution to making 100% renewables a reality: Gravity Storage, Flow Battery, Molten Salt Battery, Liquid Air Energy Storage, and Sand Battery.
Outside of PSH, other LDES technologies are still years away from being as market competitive and attractive as lithium-ion batteries currently are. What can help increase renewable energy capacity in our electricity system in addition to STES and LDES is upgrading our electricity grid to a smart grid.
The Smart Grid
Our electricity grid was built over a century ago and it was built with only one-direction communication and transfer of power from the utility to the consumer in mind. The grid wasn’t built to take into account renewable energy sources like rooftop solar or wind power and the birth of prosumers, who are consumers who don’t just consume power from the grid, but who also generate and transfer power back to the grid through their rooftop solar power system or electric vehicles.
By upgrading our current power grid to a smart grid, it will transform from a one-way communication infrastructure to a two-way communication infrastructure between the utility and customers. The grid will have new hardware and software, such as sensors, computers, automation, and artificial intelligence, allowing it to detect and respond quickly to the changing electricity supply and demand at all points of the transmission system. Not only will these upgrades improve the transmission efficiency, reduce operation costs, and prevent widespread blackouts, but it will allow the integration of large amounts of renewable energy into the energy system.
Energy Subsidies
As of 2020, fossil fuels still received close to 70% of government energy subsidies. This needs to change and energy subsidies need to be evenly distributed between fossil fuel technology and low carbon technology in order to create a fair global energy market. Any additional subsidies that are given to low carbon technology need to primarily go to the R&D, commercialization, and deployment of LDES and the build-out of the smart grid in order for a net-zero society to be achievable.
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