VBF Power & Energy Working Group’s Post

In 2023, the International Energy Agency (IEA) reported significant growth in battery deployments across various energy storage installations, totaling 42GW. BloombergNEF (BNEF) also observed a surge, with energy storage deployments reaching 44GW/96GWh, nearly three times the amount from 2022. Forecasts indicate a further 60% increase in 2024, with annual deployments projected to reach 137GW/445GWh by 2030, surpassing solar PV and wind growth rates. Falling costs, particularly in grid-scale battery energy storage systems (BESS), are driving this expansion, with significant declines in prices observed, especially in China. The dominance of lithium iron phosphate (LFP) batteries in stationary BESS and the leadership of the Asia-Pacific region, notably China, in deployments underscore the industry's evolution. Despite the widespread use of batteries in various sectors, the energy industry, including electric vehicles (EVs) and battery storage, commands the majority of lithium-ion battery demand, driven by cost reductions, increased energy densities, and longer battery lifetimes. Electricity and transport sectors are critical in curbing emissions to align with COP28 targets and limit global warming to 1.5°C. Batteries are pivotal in this endeavor, facilitating the expansion of renewables and electrification of transport, ensuring secure and sustainable energy for businesses and households. However, the IEA highlighted the urgent need for a sixfold increase in global energy storage deployments by the end of the decade to stay on track with climate goals, with batteries expected to comprise 90% of new capacity. While battery storage with renewables is becoming cost-competitive with coal and gas-fired generation in various regions, further cost reductions are necessary to accelerate deployment. Moreover, supply chain dependence on a limited number of countries poses risks, necessitating diversification. Despite increased investments in energy transition technologies, Bloomberg cautioned that battery manufacturing and supply chain investments fall short of meeting global emissions targets.

Battery Energy Storage was the most invested in energy technology in 2023. Whether it's behind the meter or at utility scale, storage is expanding the "electrification of everything" revolution. #bess #energystorage #cleanenergy #microgrid

Battery Energy Storage Systems (BESS) are experiencing remarkable growth, with the industry projected to reach $120 billion to $150 billion by 2030. BESS are also transforming the energy industry by allowing efficient grid integration and optimising the use of renewable energy sources, accelerating the transition to a greener future. From breakthroughs in battery chemistry to smart grid applications, innovative cutting-edge technologies are transforming the future of energy storage. While BESS has gained immense momentum in certain places, there are still undiscovered markets with enormous potential that need to be explored. Investing in BESS can be a lucrative endeavour, but it necessitates thorough consideration of the economic conditions. Overcoming cost-related challenges, guaranteeing safety, preserving supply chain resilience, and ensuring long-term sustainability remain challenges. Join the SSCG #Battery #Energy #Storage #System (#BESS) Forum on "The Future and Potential of BESS: Market Trends, Investments, Manufacturing, Technologies and Supply Chain" on Tuesday, 04 April 2024, between 10:00 - 12:00 BST. Join our discussion we delve into the rapidly growing BESS market and highlight the latest trends and investment opportunities. From the increasing demand for renewable energy integration to the need for grid stability and resilience, BESS has emerged as a game-changer in the energy sector. We will discuss the key factors driving the market growth and provide insights into potential investment avenues for individuals and businesses looking to capitalize on this booming industry. Find more and register to join https://lnkd.in/euKSUG5a

Enel X has been awarded the contract to operate Australia's largest VPP to supply 95 MW of demand response firming capacity to help meet the NSW energy security target — equivalent to adding 19,000 residential 5 kW batteries to the grid. Commercial and industrial energy users will be invited to participate in the program, which involves reducing their energy consumption or switching to backup supply when needed to make more energy available when the grid is under stress. Participants will be linked together in a network, known as a virtual power plant (VPP), which will release ‘spare’ energy into the grid when called upon. Learn more about this exciting initiative: https://lnkd.in/dHBVj4Hn #energyproductivity #demandresponse #VPP #netzero #flexibledemand #energydemand #energy #electricity #energytransition #industrial #commercial #nsw

🔋 **The Future of Battery Energy Storage Systems (BESS)** 🌟 As the world accelerates its transition towards renewable energy, the role of battery energy storage systems has become increasingly crucial in ensuring energy stability and efficiency. 🌍 **Global Market Insights**: - The global battery energy storage system market is projected to reach $19.74 billion by 2027, growing at a CAGR of 25.6% from 2020 to 2027 (Allied Market Research). - In China, the BESS market is experiencing rapid growth, driven by the government’s ambitious goal of achieving carbon neutrality by 2060. ⚡ **Technological Advancements**: - Recent innovations in lithium-ion technology are leading to higher energy density, longer life cycles, and enhanced safety in BESS solutions. - These advancements support a wide range of applications, from residential and commercial setups to large-scale industrial projects. 🚀 **Notable Projects**: - A notable example is the recent 100 MW/400 MWh BESS installation designed to provide grid stability and support renewable energy integration in major cities. What are your thoughts on the future of BESS? How do you see these systems evolving to meet the increasing demand for sustainable energy solutions? #BatteryStorage #RenewableEnergy #EnergyInnovation #Sustainability

Renewable energy-to-grid integration is key to China’s low-carbon transition. #renewableenergy #chinadualcarbon #switchgear #gridintegration #gridmodernization

Last week, China's National Energy Administration (NEA) released its 2024 energy work plan to bolster the low-carbon transition while boosting energy security. As a switchgear manufacturer, we pay attention to grid development details in the plan, which emphasizes grid integration with renewable energy. It calls for "promoting the intelligent transformation of power grid infrastructure and development of smart microgrids, and improving the power grid's capacity to accept, allocate and regulate clean energy." #chinagreenenergy #chinapowergrid #chinaswitchgear #greenenergy #smartgrid #gridintegration #renewableenergy #lowcarbon

#EnergyStorage in the US is 'shattering' records! Q4 2023 saw a 358% increase in energy storage deployment, compared to Q4 2022. As the market evolves, Wärtsilä Energy is excited to be at the forefront of deploying cutting-edge energy solutions for customers in the US and across the globe. With our recent product introduction of Quantum2— a fully integrated high-capacity energy storage system— the Wärtsilä ES&O team is prepared to meet the demands of this growing industry and secure a #RenewableEnergy future for all. I look forward to seeing what records the battery storage industry breaks this year! Read more via Energy-Storage.news: https://bit.ly/49la0e4

Via ESN: " Italy: a market with unique opportunities as 71GWh MACSE capacity market auction approaches: Italy grid-scale energy storage market opportunities unlike anywhere else, but many challenges and uncertainties around the different revenue streams remain, including the upcoming MACSE capacity market auction. " #EnergyStorage #Energy #BatteryStorage

BloombergNEF's latest 2024 first-half edition of 'Global #energystorage outlook' report has estimated that the global #energy storage deployments is set to add more than 100 GWh of capacity this year for the first time ever. Read more @ https://lnkd.in/gKXx75_N #batterystorage #batteryenergystorage #cleanenergy #energystoragesystems #batterysystems #batteryindustry #energytransition #gridmodernization #report