Additional 20GWh of battery storage could cut volume of wasted wind power by 50%, predicts LCP
Jan 14 2021
New analysis from LCP’s Energy Analytics team highlights how rapidly scaling up battery storage capacity in Great Britain is key to avoiding large volumes of renewable energy wastage and providing clean energy to power millions of homes.
Based on current wind power capacity, LCP estimates an extra 20GWh of battery storage could reduce the amount of wind power wasted by up to 50%. LCP predict by 2025, wind curtailments between Scotland and England will cost consumers £1bn per year. This figure is likely to grow with wind set to play a central role in future renewable energy with the UK Government aiming to quadruple the amount of offshore wind capacity to 40GW by 2030.
As the UK increases its share of renewable energy, a sharp rise in investment in flexible technologies, such as energy storage, will be needed to ensure excess clean energy is stored and used when needed.
Analysis from LCP shows Great Britain curtailed wind power on 75% of days in 2020, with over 3.6TWh of wind power being turned off in total, mainly due to network constraints. This volume of wasted wind power is enough to have powered over a million homes for a whole year.
Chris Matson, Partner at LCP says: “Energy storage will play a crucial role in helping to decarbonise the power system, by balancing the grid in real time and backing up renewable generation.
“The increase in renewable energy capacity, without increases in network capacity or flexible technologies, will result in increasing volumes of renewable energy being wasted, with costs ultimately falling on consumers. This issue needs to be tackled urgently if the UK is to meet its Net Zero targets.”
Expansion of renewable energy infrastructure in Britain presents opportunities for investors and traders
This analysis on how increased battery storage capacity could reduce inefficiencies in the production and consumption of renewable energy in the UK comes as LCP releases a new report: ‘Is battery storage a good investment opportunity?’
The report examines the main revenue sources available to investors from battery storage assets, how these markets will change over time and the opportunities for power traders.
LCP says battery storage could be a lucrative investment due to efforts to decarbonise power markets resulting in increased demand for energy storage.
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