WHY WE NEED STORAGE
INCREASING NEED FOR STORAGE
The more renewable energy is used, the more important it is to find innovative solutions for energy storage. Solar and wind power are often unreliable sources of energy. This is due to the variation in the amount of electricity produced in relation to consumer use being far too great. In addition, the power grid today has its own limitations, which means that we cannot transport electricity over great distances without expending too much energy. Primarily, it’s not the power shortage itself that drives the storage, instead it’s the power shortage and the challenges in the power grids. Therefore, more efficient ways of storing energy are needed.
In order for the growth rate of green electricity to expand more rapidly, more resources need to be invested in environmental technology. Long-term work on climate issues requires innovative solutions for large-scale energy storage. Pumped Hydro Storage is an important player in the search for the solution to the complex problems that exist in the energy sector today and has developed the required technology.
VARIOUS ENERGY STORAGE TECHNOLOGIES
Because of the climate change mitigation, the proportion of power coming from renewable alternatives is expected to be close to 30 percent and become the single largest energy source according to BP Energy Outlook 2019, 2019. With large-scale, weather-dependent energy production sources, volatility in the electricity price market increases, while there is an increasing need for frequency control in the power grids. Competitive energy storage should be inexpensive, highly efficient, able to respond quickly to changes in the power grid, have a long-life cycle with low environmental impact, maintain high power and a long discharge time. The only existing technology that meets these requirements is pump power utilizing underground mines. EASE (European Association for Storage of Energy) estimates that pump power plants on average are 70-80 percent more efficient than today’s alternative energy storage technologies.
THE ENERGY STORAGE MARKET
Underground pump power meets all the requirements that are placed on the single most important type of energy storage that enables the transition to greener energy sources. Compared to competing technologies, pump power is the dominant method of storing energy with 94 percent of total capacity globally according to the International Hydropower Association, 2018. Between 2018 and 2040, the global energy storage market is expected to grow to 1,095GW / 2.850GWh [BloombergNEF]. Investments over the next 20 years are expected to reach $662 billion, which would correspond to over 50,000 large-scale pump power plants of 100 MW each. At the same time, there are hundreds of thousands of abandoned mines in the world that can be utilized for our large-scale solution.
Contact us today
If You have questions, don’t hesitate to contact us via the button below.