The storage project
ORA’s general conception is that electricity needs to be consumed as and when it is produced. However, development of the utility-scale battery storage projects has changed that concept as it helps in the storage of electricity. Batteries store electricity at times of oversupply when market prices are low and release it later when there is a shortage during high prices at peak hours or when there is a scarcity in supply from other sources of electricity generation.
Plus, the increasing generation of electricity from renewable sources like solar, wind and water also increases the need and importance of battery storage projects. Renewable sources like sun rays are always not available 24/7 to satisfy demand for electricity, so these batteries help to store the energy to be used later when sun rays are not available.
Future of storage
Per U.S. Energy Information Administration (EIA) release, more than 700 MW of battery storage units have already been installed in the U.S.
Large utilities like NextEra Energy, Duke Energy and National Grid have started to invest in battery storage projects.e expect more battery storage units to be installed across the U.S. given the increased production of electricity from renewable sources.
The research report from IHS indicates the global energy storage market to expand at a very fast pace, with total installation surging from 6 GW in 2017 to more than 40 GW by 2022.