Energy storage is an essential enabler of the energy transition. In the past decades, Europe has shifted from an energy system dominated by centralized fossil fuel generation that can be dispatched to match energy consumption at all times, to a system with more and more renewables.
Energy storage systems supports Europe in this transition.
Energy storage is an attractive tool to support grid electrical supply, transmission and distribution systems. Our utilities, grid system operators and regulators benefit from it as switching to storage mechanism strengthens grid resiliency and reliability. This in turn ensures higher efficiencies across the grid as well as eliminates the need for reliance on other higher greenhouse gas (GHG) footprint options that would otherwise be preferred with zero storage options.
Given the immense value of storage in helping integrate ever increasing shares of renewables, it is no surprise that storage deployments are quickly increasing. Policymakers, industry, and other stakeholders from across Europe must continue working together to create a supportive regulatory framework that will allow the storage sector to thrive.
What are the types of energy storage systems available?
There are numerous methods and sources for energy storage, but the most popular ones include batteries, hydroelectric, compressed air, pumped storage, Hydrogen, and Methane. For this piece, we will be focusing on backup batteries, compressed air, and hydroelectric energy storage.
Energy storage systems can make the grid more resilient by using energy storage, utilities can balance grid loads and extend the lives of their infrastructures while they upgrade for a distributed energy future.
Renewable energy, electric vehicles and energy-efficient buildings place very complex demands on grids that were not built for so many resources.
So, why should you care about storing energy?
Energy storage carries importance for such a wide range of applications, but why should you pay attention to developments in energy storage now? Well, for one thing, the market is booming.
Here are a few of plenty of reasons to store energy:
- Boost the quality and reliability of energy delivery by providing temporary continuity during outages.
- SAVE MONEY! It can significantly lower energy costs by reducing fossil fuel use and lost revenue from outages.
- Integrate a variety of energy sources, including renewables, to further save on energy costs.
- Reduce environmental impact through improved energy efficiency, reduced carbon emissions, and a new opportunity for renewables.
How rapidly will the global energy storage market grow?
Global installed energy storage capacity is forecasted to expand 56% to reach over 270 GW by 2026.
The main driver is the increasing need for system flexibility and storage around the world to fully utilize and integrate larger shares of variable renewable energy into power systems.
Universal Kraft is working with partners to develop compressed air storage solutions. Developing a new technology in which a compressor is used to pump air into the ground or tank for storage, that is then reversed when the energy is needed, into a generator.
Discover our projects here.