WHY WE NEED STORAGE
INCREASING NEED FOR STORAGE
VARIOUS ENERGY STORAGE TECHNOLOGIES
With a growing share of weather-dependent electricity production, price volatility in the electricity market is increasing. At the same time as there is a growing need for frequency regulation in the electricity grid, i.e. the ability to continuously secure the stability between supply and demand.
Competitive energy storage must be cheap, have a high efficiency and be able to respond quickly to changes in the electricity grid. It must also have a long life-cycle, low environmental impact, and a long discharge time. The only existing technology that meets these requirements is pumped storage in mines, which Pumped Hydro is the only one to offer.
THE ENERGY STORAGE MARKET
Underground pumped hydro power meets all the requirements placed on the single most important type of energy storage that enables energy transition. In terms of competing technologies, PSH is the dominant way of storing energy, with 94 percent of total capacity globally (International Hydropower Association, 2018). By 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 amount to $662 billion, which would correspond to over 50,000 large-scale underground pumped storage plants of 100 MW each.
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