Exploring energy storage part 1: The rapidly changing world of renewable energy storage
Throughout the world, solar power is driving huge gains in the adoption of renewable energy. At Lightsource bp, we’re building new solar plants all over the United States and the world.
The good news is that the sun generates more electricity than we can use during the day, and we can store the excess electricity so we can use it later. That’s why storage is so important.
Storage lets us use solar any time we want. Green hydrogen, which is a long-duration storage, lets us use it anywhere we want. It’s what we call PV Plus.
At Lightsource bp, we are building out #storage solutions to integrate with our solar projects around the world. Our dedicated storage team develops the technologies available to ensure we include the ability to integrate storage in all of our projects, and deliver our current storage plans to meet our 25GW by 2025 goal. What makes that so interesting is that our projects exist in different energy markets around the world with unique factors.
That means tracking the developments in various types of storage technologies, whether it’s lithium-ion batteries – the dominant technology now – or green hydrogen, sodium-ion or other emerging types of storage.
All of these options are essential if we are going to #decarbonize our power grid. Also, the more we experience extreme weather events, such as the major heat wave that hit California in September, storage makes the grid more resilient.
Adding this needed storage is an engineering problem, and we have the science to solve it. Right now, the focus is almost exclusively on #lithium-ion batteries, which are in great demand for electric vehicles and utility-level storage, but there are other options that need to be developed.
Progress is all around us. Recently, the U.S. Energy Information Agency reported that battery storage capacity will rise from 9.1 GW by the end of 2022, before doubling in 2023 to 19 GW and hitting 28.4 GW in 2024.
We’re at the beginning of a major revolution in storage backed by a wave of federal investment included in the bipartisan infrastructure bill from last year and this year’s Inflation Reduction Act.
For example, there is more than $9.5 billion in the infrastructure bill for green hydrogen alone. This kind of investment will take storage technologies from the drawing board to the electrical grid. We are excited by the future and what we will explore together.
Energy Solutions: Adding Storage
At Lightsource bp, our flexible, intelligent utility scale battery storage solutions enable us to further our mission to deliver affordable, sustainable solar power to businesses and communities around the world.
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