New equipment outdoor energy storage suddenly becomes short

What percentage of storage power is short-duration?

Approximately 93% of the worldwide installed and operational storage power capacity is short-duration storage — up to 10 hours of discharge duration at rated power before the energy capacity is depleted.

Why is energy storage important?

Continued expansion of intermittent renewable energy, ESG-focused investments, the growing versatility of storage technologies to provide grid and customer services, and declining costs for key components like lithium-ion batteries all played a significant role in driving the investment and development of energy storage.

Can long-duration energy storage solutions solve the intermittency problem?

Long-duration energy storage technologies can be a solution to the intermittency problem of wind and solar power but estimating technology costs remains a challenge. (Nature Energy 6, 460–461 (2021))

What drives the cost-effectiveness of long-duration storage technologies?

According to the research, energy storage capacity cost and discharge efficiency are the most critical drivers for the cost-effectiveness of long-duration storage technologies. Specifically, energy capacity cost becomes the largest cost driver as discharge duration increases.

Is long-duration storage a viable alternative to carbon-free or high-renewable power systems?

Long-duration storage could play a critical role in enabling carbon-free or high renewable power systems. However, the economics of long-duration storage technologies are not well understood.

Will energy storage growth continue through 2025?

With developers continuing to add new capacity, including 9.2 GW of new lithium-ion battery storage capacity in 2024 through November 2024 and comparable levels of growth expected through the fourth quarter of 2024, energy storage investments and M&A activity are expected to continue this trajectory through 2025.