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Seasonal Storage Technology to Become Electricity Storage System

Logistic News - Published on Fri, 20 Mar 2020

Image Source: dnvgl.com
Seasonal storage technology has the potential to become cost-effective long-term electricity storage system. This is one of the key findings of DNV GL’s latest research paper ‘The promise of seasonal storage’, which explores the viability of balancing yearly cycles in electricity demand and renewable energy generation with long-term storage technology. As energy demand is increasingly electrified, for example through rising numbers of electric vehicles and in buildings, for space heating and cooling, this growing demand is largely being met by variable renewables, which increases the need for long-term storage solutions. Based on a case study modelling electricity generation and demand for 58 different climate years, DNV GL’s researchers gained insight into the need and viability for the use of seasonal storage technology for electricity.

When assessing the use and business cases for this long-term storage technology, DNV GL’s researchers came to the following conclusions:

The need for additional storage solutions is lower than expected and can be largely covered with available short-term storage technology such as battery storage systems.
The growing number of electric vehicles in our transport system will provide most of the needed short-term energy storage to balance renewable energy in the power grid.
The rise of synthetic fuels can provide a critical stepping-stone for the use of seasonal storage applications. Synthetic fuels enable CO heavy sectors to be decarbonized by creating hydrogen from low-priced (renewable-generated) electricity, which is then converted into e-fuels like ammonia. For the use case investigated, the long-term storage of electricity would become economically viable, especially in markets like Germany, where a vast amount of low-carbon electricity will be available in the coming decades.
The price of seasonal storage, if based on compressed hydrogen, could become cost-competitive with alternative forms of long-term storage such as burning gas due to the growing incentivisation of low-carbon technology. This price development is based on the expected increase of the carbon price from 25USD to 60USD per tonne CO by 2050 in Europe, according to DNV GL’s Energy Transition Outlook report.

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Posted By : Rabi Wangkhem on Fri, 20 Mar 2020
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