One of the leading forces in the transition to a low carbon future is battery storage. A technology that was, only a couple of years ago, immature and expensive is now beginning to show significant cost competitiveness. The most common choice of battery storage technology to date has been lithium-ion. Latest research undertaken by Bloomberg NEF showed that the benchmark levelized cost of electricity (LCOE) for lithium-ion batteries has fallen 35% since 1H2018. With technology improving and costs decreasing, significant opportunities exist for utilizing battery storage technology on many projects.
A substantial portion of the focus has been on the power sector and the benefits that battery storage can provide, including projects across Australia, the Middle East and the US. Some of the issues being solved by these projects include grid stabilization and prevention of blackouts. For example, $40mn is reported to have been saved by Tesla’s 100 MW/129 MWh lithium-ion battery project in South Australia and 20 MW energy storage facility linked with Neon’s 309 MW Hornsdale wind farm in Adelaide, Australia.
Click below to read the full article by Bracewell’s Tracy London.