The energy storage market will grow significantly because of the increased penetration of wind and solar PV into electrical grids across the world
The following graph illustrates the predicted impact of high concentrations of renewable energy, particularly solar PV, on the demand for conventional thermal power in California. The peak demand is moved from daylight hours and early evening to late afternoon and evening.
As a consequence there is a requirement for a large amount of backup capacity and a need to cycle that capacity on and off to cover the renewable energy shortfall.
Energy storage is the obvious answer to help shift the excess generation in the middle of the day to meet the evening peak. Thermal energy storage can be used to increase the ramp capability of thermal power generation which has the benefits of improving the flexibility of the plant while reducing the heat rate and emissions.
Graphite Energy’s thermal storage solution is a utility scale solution ideal for load shifting. It is very cost effective compared to other stand-alone storage solutions because it is integrated into existing CCGT facilities where it adds value to existing generating assets and infrastructure.
California is leading the way in the adoption of renewable energy and as a consequence has mandated that investor owned utilities procure 1,325MW of energy storage by 2020.
Graphite Energy is actively pursuing a number of energy storage opportunities in California in response to this regulatory requirement.
Graphite Energy’s priority is currently the California market where the opportunity to colocate with existing and new thermal power stations delivers the greatest value. Opportunities also exist across other USA states, Germany, South Africa and the Middle East where the penetration of renewable energy is high and growing.