Energy Storage Fast Becoming a Tangible Target

Published Date : Dec 09, 2015

Energy industry experts are of the opinion that cheapening technologies are going to challenge the current energy system in the near future.

The energy storage mega trend is no longer a fantasy. It is quickly becoming a real and achievable goal. In all the technical advances that are revolutionizing the energy industry, energy storage is at the core of the mix. If used properly, energy storage could alter the course of economies by providing ample heat and lighting to the people living in subsistence conditions.

Industry experts are also saying that energy storage does not require a breakthrough of any dramatic nature to become economically viable. At the same time, the advances in technology are not on the verge of completely changing the energy scenario where consumers immediately defect from the current energy generation and distribution systems.

Reports by Moody state that battery costs have reduced by 50.0% in five years. The core technologies in energy storage are advancing rapidly and a few of them are already commercially competitive. The change, however, is expected to be incremental, not immediate.

Reports from Lazard state the energy industry expects a reduction in battery prices of a substantial nature in the next five years. The report adds that if the current projections prove to be accurate, a few of the energy storage technologies could be positioned to replace a large part of the gas-powered generators in the near future. This is particularly applicable for gas turbine facilities that are peaking.