Advice Notes on Energy Storage Economics for the NPA Region

Energy Storage

The Advice Notes aim to provide introductory material for entrepreneurs, startups and SME’s, considering to enter into the renewable energy sphere and based in the NPA regions partners to GREBE. The scope of the Advice Note covers regional, trade and industry, renewable energy (RE), technology information from Ireland, Northern Ireland, Scotland, Iceland and Finland. Different partner regions have different level of deployment of the various RE technologies covered by the Advice Notes. Thus, the level of information will vary depending on the level of deployment for each technology. For example, wind is not deployed on a large scale in North Karelia (Finland); however, it is widely deployed in Scotland, Ireland and Northern Ireland.

Full details are available on the GREBE website:

http://grebeproject.eu/wp-content/uploads/2018/04/Advice-Notes-Energy-storage-2-3.pdf

The focus of the Advice Notes is on regional information of some of the main economic characteristics sited as imperative, when making an informed choice, regarding which RE technology may be the optimal choice for a new business venture:

  • Costs and economics associated with the relevant technology
  • Support schemes available, relevant to the technology
  • Government allowance/exemptions, relevant to the technology
  • Funding available for capital costs of the relevant technology
  • List of the relevant to the technology suppliers/developers, with focus on local/regional, suppliers/developers and the products and services they offer.

Some of the renewable energy resources are classified as intermittent in nature, meaning that the corresponding technologies produce electricity/heat depending on the availability of the resource. Two of the main drawbacks are the short-term variability and low predictability inherent to renewable sources. Thus, when the wind is not blowing and the sun is not shining, the clean technologies cannot match the demand. However, when the resources are available, it is often the case that they produce more energy than required. By storing the energy produced and supplying it on demand, these technologies can continue to power the businesses even when the sun has set and the air is still, creating a continuous, reliable stream of power throughout the day. Furthermore, energy storage systems can shift consumption of electricity from expensive periods of high demand to periods of lower cost electricity during low demand.

battery storage

This can be over different timescales, from intra-day (when energy is shifted from low value to high value periods within the same 24-hour period) to inter-seasonal, where energy is stored in summer when demand is lower and used in winter when demand is greater. Contingent on elements such as a facility’s location, utility rates, and electrical load, energy storage can be an apt solution for facilities to cut energy bills. The use of energy storage can also allow greater returns on investment to be made from deployed renewable energy technologies. Storage technologies could decrease the need to invest in new conventional generation capacity, resulting in financial savings and reduced emissions especially from electricity generation. Utilisation of storage also means fewer and cheaper electricity transmission and distribution system upgrades are required.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s