Balancing act: Storage and flexible energy vital to UK's renewables tipping point

Share
Balancing act: Storage and flexible energy vital to UK's renewables tipping point

Like similar laws in many other states, Pennsylvania's Alternative Energy Portfolio Standards Act (the AEPS Act) requires electric distribution companies (EDCs) and competitive retail electric generation suppliers (EGSs) to purchase an increasing percentage of energy from renewable energy sources.

"Multilateral Development Banks and other financial institutions (should) provide whole-hearted support for solar projects through low cost finance, and research and technology institutions worldwide should try their utmost to bring the cost of solar power and storage within the reach of all", Anand Kumar, Secretary, Ministry of New and Renewable Energy (MNRE) said.

"Renewable energy with storage is now cheaper than new coal, and the reality is that any new coal plant will take at least seven years to be built if everything goes smoothly". The study revealed that hydro will account for 67% of power generated in Nordic countries by 2040.

"In this environment, flexible power technologies such as energy storage and gas generators will have an advantage", the report states.

At certain times, the report notes, wind and solar energy could exceed total power demand across the UK. But it argues new flexible grid technologies should mean curtailment does not climb to significant levels. The study found that the intermittency of wind and solar energy will create wildly varying outputs from renewable energy generation in the United Kingdom by 2040.

"This study highlights a seismic shift in how power systems will operate in future", said Albert Cheung, head of global analysis at Bloomberg New Energy Finance.

"Renewable energy is now the cheapest and cleanest option for new energy generation and when combined with energy storage it can do everything fossil fuels can - except much more flexibly and without the pollution", he said. "These solutions could include continued promotion of smart metering, reforms to increase market openness and transparency for all grid ancillary services and long-term grid service contracts and pricing schemes", he explained.

The cost of generating energy from wind and solar in the United Kingdom is expected to halve by 2040, but the expected future power system volatility will lead to more economic opportunities for flexible energy sources and storage capacity.

According to the study, battery storage is not well suited to providing back-up across weeks and months.

It also comes on the same day as the International Energy Agency published its annual World Energy Outlook report, which predicts a seismic shift in the global energy market through to 2040, with China taking the lead on renewables and nuclear generation over the next three decades as the United States becomes a leader in oil and gas exports. The next tipping point is expected in the late 2020s, where the cost of power produced by new wind and solar projects falls below existing gas and coal plants.

Share

Advertisement

Related Posts

Dicks Sporting Goods (DKS) Stock: Falls After Strong Earnings
The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink . Dick's Sporting Goods (NYSE:DKS) cruises past estimates with its Q3 report, but issues a dour outlook for profit next year.

U.S. warns Islamic Jihad to drop war threat against Israel
In a message in Arabic published on Saturday, Coordinator of Government Activities in the Territories (COGAT) head Maj. Greenblatt was referring to the recently signed reconciliation agreement between the Palestinian Authority and Hamas .

Pokémon Go reveals tie-in to upcoming Ultra Sun and Moon
The game is one of the most anticipated games of Holiday 2017 for 3DS, according to the Nielsen Media Research report. Pokemon Ultra Sun and Pokemon Ultra Moon will launch worldwide for 3DS on November 17.

Brookfield Asset Management Inc (BAM) is Parkside Investments LLC's 7th Largest Position
Scotiabank raised the price target on October 11 changing the forecast from $42.75 to $56.00 and issued a "Outperform" rating. BidaskClub cut Brookfield Asset Management from a hold rating to a sell rating in a research report on Saturday, August 5th.

India's RAW is aiming to undermine CPEC: CJCSC
Against Pakistan, the general said, India and so far martyred 1,000 citizens of the country and 300 soldiers. Therefore, in view of the circumstances, Pakistan will keep minimum nuclear deterrence, he added.

Privacy campaigner can sue Facebook, EU court hears
Since 2010, he had used a Facebook account under his own name, spelled using the Cyrillic alphabet, for his private use. Only in "exceptional scenarios" could an ulterior change in the account's use be taken into account.

Two arrested on suspicion of murdering missing teenager
Gaia was last seen by family friend Rosemary Dinch at an address in Manor Gardens, Morrison Road, Swanage at about 16:00 GMT. Describing her disappearance as "completely out of character", police now believe "she may have come to harm".

Japan's Koike Steps Down as Party Leader to Focus on Tokyo Post
The LDP on its own secured well beyond the 261 threshold defined as a "stable majority" in the 465-member lower house. She then led her party to a historic victory over the LDP in a July Tokyo assembly poll.

Reese Witherspoon and Zendaya Team Up for a Girl Power-Fueled Film
Monica Beletsky is writing the script, and Hello Sunshine's Witherspoon and Lauren Neustadter are producing along with Zendaya . Homecoming star is no stranger to crafting stories behind the scenes, as she produced two episodes of Disney's K.C.

Mahindra Scorpio's new avatar launched, prices start at Rs 9.97 lakh
The S3 is the base variant and will use Mahindra 2.5-litre, four-cylinder m2DICR engine producing 75PS and 200Nm. As per the spy shots, it gets a new Jeep-inspired grille with seven slats and subtly redesigned front bumper.

© 2015 ExpressNewsline. All Rights reserved.