FUTURE OF ENERGY STORAGE (BATTERY)

2019.11.
DONG HYUK PAENG
1.6 GW of energy storage was commissioned in 1H 2019. Total 6GW is expected in
2019. Energy Storage technology is becoming increasingly important in the U.S. and
China as an enabler to higher penetrations of wind and solar.

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In the U.S., operating utility-scale battery storage power capacity has more than
quadrupled from the end of 2014 (214 MW) through March 2019 (899 MW). utility-
scale battery storage power capacity could exceed 2,500 MW by 2023.

https://www.eia.gov/todayinenergy/detail.php?id=40072
Renewable energy sources provide nearly 20% of U.S. electricity. Wind energy was
the source of about 7% of total U.S. electricity generation and about 39% of
electricity generation from renewable energy in 2018.

https://www.eia.gov/energyexplained/electricity/electricity-in-the-us.php
According to BNEF report, Electricity costs from battery storage down 76% since
2012. The long-term cost of supplying grid electricity from today’s lithium-ion batteries
is falling even faster than expected, making them an increasingly cost-competitive
alternative to natural-gas-fired power plants across a number of key energy markets.

https://www.greentechmedia.com/articles/read/report-levelized-cost-of-energy-for-lithium-ion-batteries-bnef
Global Energy Storage to Hit 158 Gigawatt-Hours by 2024, Led by US and China.
Wood Mackenzie Power & Renewables projects a thirteenfold increase in grid-scale
storage over the next six years.

https://www.greentechmedia.com/articles/read/global-energy-storage-to-hit-158-gigawatt-hours-by-2024-with-u-s-and-china
According to the latest forecast by BloombergNEF (BNEF), energy storage installations
will multiply 122- fold exponentially, from 9GW/17GWh deployed as of 2018 to
1,095GW/2,850GWh by 2040. It will require $662 billion of investment.

https://about.bnef.com/blog/energy-storage-investments-boom-battery-costs-halve-next-decade/