| Date | November 23, 2020 |
|---|---|
| Type | Webinar |
The emergence of carbon reduction campaign, solar and wind power, and energy storage is contributing to a shift in electricity generation, from the centralized grid to the use of distributed generation and smart grid. Businesses and households have become less reliant on utility-generated electricity than before; they are increasingly equipped to generate power on their own. The advent of energy storage systems, in the meantime, has created plenty of jobs for the renewables industry—modulating frequency and rendering logistic services for electricity generation and distribution; managing time-of-use rate and contract capacity and shaving peaks and filling valleys for end users; and ensuring safety, well-being low carbon emissions for the environment. Against this backdrop, policies are emerging to accelerate the use of energy storage solutions in wind and solar power generation systems.
Energy storage provides a myriad of benefits to the grid. And green energy finds growing use, governments around the world have introduced measures to encourage the deployment of energy storage. In China, provincial governments have provided incentives to push the integration of storage facilities in wind and solar systems, requesting 5 to 20% of storage unit in each power plant. In countries where storage technologies are relatively well-developed—such as the United States, Australia, and Germany—households and businesses enjoy installation and electricity subsidies granted by the government. With policy intervention and growing awareness around the world, storage solutions play an increasingly large role in the context of green energy utilization.
Lithium-ion storage appears to be the major storage technology thanks in large part to the rapid growth of the global electric vehicle (EV) market, which topped 2 million units in 2019, with demand for power batteries exceeding 100 GWh. This has brought forward price reduction of lithium-ion battery packs, sitting now at under USD 150/kWh, down 9% year-on-year and 90% compared to the past decade. By an optimistic forecast, the prices for lithium-ion battery packs and storage systems may drop to as low as USD 100/kWh and USD 100/kWh respectively over the next five years, making the batteries more cost-competitive in the energy storage market.
With growing cost-competitiveness, energy storage compares favorably in the levelized cost of electricity (LCOE) to the average electricity prices in many countries and regions (USD 0.1–0.15/kWh vs. USD 0.2–0.3/kWh)—which is the very reason why battery storage has strong potential for commercial use and profitability. Moreover, as the cost of lithium-ion batteries continues to decline and their performance to improve over the next five to ten years, the LCOE of battery storage can possibility be halved to USD 0.05/kWh, and even to a lower level than pumped hydroelectric storage, in which case the batteries can find worldwide use.
Around the world, lithium-ion battery storage has seen a significant increase in the share of all new capacity installed in recent years, although it will still fall short of 10 GWh this year. However, as the cumulative green energy capacity additions are forecast to surpass 1,000 GW worldwide by 2030, over 300 GWh of energy storage capacity, all provided by lithium-ion batteries, will be reserved for those potential renewable additions. By then, the supply chain of energy storage will see more frequent cooperation and more intense competition, which is the case in the EV market. This will facilitate the development of lithium-ion batteries and prompt their costs to decrease. In his talk on the lithium-ion battery, Feng-wei will cover policies, grid application, material developments, and cost forecasts in the energy storage context.
InfoLink will hold a webinar on Dec. 10 to explore the 2021 market trends and outlooks for solar PV, energy storage, and wind power with industry professionals. With “Link the Value for You” as our creed, our webinar will provide in-depth insights into cost reductions, price trends, market developments, as well as technology innovations in the renewable energy industry, and discuss the challenges and opportunities in the post-COVID-19 era.
In this webinar you will learn:
Date: Dec. 10, 2020
Time: 21:00-23:30 China Standard Time, 14:00-16:30 CET, 08:00-10:30 EST
Energy storage provides a myriad of benefits to the grid. And green energy finds growing use, governments around the world have introduced measures to encourage the deployment of energy storage. In China, provincial governments have provided incentives to push the integration of storage facilities in wind and solar systems, requesting 5 to 20% of storage unit in each power plant. In countries where storage technologies are relatively well-developed—such as the United States, Australia, and Germany—households and businesses enjoy installation and electricity subsidies granted by the government. With policy intervention and growing awareness around the world, storage solutions play an increasingly large role in the context of green energy utilization.
Lithium-ion storage appears to be the major storage technology thanks in large part to the rapid growth of the global electric vehicle (EV) market, which topped 2 million units in 2019, with demand for power batteries exceeding 100 GWh. This has brought forward price reduction of lithium-ion battery packs, sitting now at under USD 150/kWh, down 9% year-on-year and 90% compared to the past decade. By an optimistic forecast, the prices for lithium-ion battery packs and storage systems may drop to as low as USD 100/kWh and USD 100/kWh respectively over the next five years, making the batteries more cost-competitive in the energy storage market.
With growing cost-competitiveness, energy storage compares favorably in the levelized cost of electricity (LCOE) to the average electricity prices in many countries and regions (USD 0.1–0.15/kWh vs. USD 0.2–0.3/kWh)—which is the very reason why battery storage has strong potential for commercial use and profitability. Moreover, as the cost of lithium-ion batteries continues to decline and their performance to improve over the next five to ten years, the LCOE of battery storage can possibility be halved to USD 0.05/kWh, and even to a lower level than pumped hydroelectric storage, in which case the batteries can find worldwide use.
Around the world, lithium-ion battery storage has seen a significant increase in the share of all new capacity installed in recent years, although it will still fall short of 10 GWh this year. However, as the cumulative green energy capacity additions are forecast to surpass 1,000 GW worldwide by 2030, over 300 GWh of energy storage capacity, all provided by lithium-ion batteries, will be reserved for those potential renewable additions. By then, the supply chain of energy storage will see more frequent cooperation and more intense competition, which is the case in the EV market. This will facilitate the development of lithium-ion batteries and prompt their costs to decrease. In his talk on the lithium-ion battery, Feng-wei will cover policies, grid application, material developments, and cost forecasts in the energy storage context.
InfoLink will hold a webinar on Dec. 10 to explore the 2021 market trends and outlooks for solar PV, energy storage, and wind power with industry professionals. With “Link the Value for You” as our creed, our webinar will provide in-depth insights into cost reductions, price trends, market developments, as well as technology innovations in the renewable energy industry, and discuss the challenges and opportunities in the post-COVID-19 era.
In this webinar you will learn:
- Insights into price trends and policies that impact market developments.
- Analysis of challenges and opportunities facing the solar, offshore wind, and energy storage industry in the post-COVID-19 era.
- Major players and technology trends expected in 2021.
Date: Dec. 10, 2020
Time: 21:00-23:30 China Standard Time, 14:00-16:30 CET, 08:00-10:30 EST