Kanin Energy is proud to support Echogen in their new industry alliance. Long Duration Energy Storage (LDES) Council will be announced at the 2021 United Nations Climate Change Conference (COP26).
The LDES Council aims to lower the cost and accelerate the pace of the energy system decarbonization through long duration energy storage. This Council also brings together leading LDES technology providers, equipment providers, renewable energy companies, utilities, grid operators, investors, and end-customers for a unique alliance that will provide an unprecedented fact base on this asset class.
To celebrate the launch of the Council, a landmark report on LDES’ role in decarbonizing power systems using the energy flexibility these technologies provide.
Utilizing real technology cost data from its members, the Council has built fact-based insights exploring net-zero power systems. Four months of extensive modelling and research yielded some striking findings:
• Projections show that 1.5-2.5 TW and 85-140 TWh could be deployed globally by 2040, with USD $1.5-3 tn investment, storing up to 10% of all electricity consumed.
• LDES is increasing momentum with ~USD $3 billion invested in technology providers in the last five years, and an expected 25-35 GW / ~1TWh of capacity to be deployed globally by 2025 with USD ~$50 billion investment.
• Based on the cost profiles provided by technology members, LDES will play the majority role in grid flexibility, ahead of Li-ion storage and H2 turbines.
• While action must be taken now to support widescale LDES deployment, the two main challenges to overcome are de-risking LDES technology cost and driving market reforms to create value for storage services.
The full report will be released on Nov 23rd during a live webinar.
Register for the webinar, here.