As our electricity system continues to expand, the role of energy storage solutions in our future long term system planning will also grow. Traditionally, electricity has been a challenge to store in large quantities and over long periods of time however innovative energy storage technologies provide many valuable services to the grid. It enables the optimization of renewables, improves reliability, increases flexibility and reduces costs.
Energy storage solutions are an essential component of the smart grid.
Dr. Andrew Ford, Professor Emeritus at Washington State University recently released a study entitled, “Unleashing the Value of Energy Storage“ examining the value compressed air energy storage systems can deliver to Ontario. It concludes that the technology can reduce the energy costs of Ontario businesses and consumers by a cumulative total ranging from $6.5 billion to more than $8 billion over a 20-year period, while helping the province achieve its carbon reduction goals. This savings will greatly outweigh the cost of storage.
Energy storage technologies are capable of providing:
- Fast responding ancillary services
- Long duration bulk energy storage services
- Transmission & distribution infrastructure investment deferral services
- Customer energy and power quality management services
- Off-grid and remote microgrid services