A record high 5 GW of battery storage capacity was added worldwide in 2020, bringing the total capacity to around 17 GW
Energy storage allows for flexibility in the timing of when energy is supplied and when it is used. Energy storage comes in a number of forms, including chemical, kinetic, thermal, gravitational potential, electromagnetic, electrochemical and osmotic potential. The choice of storage solution depends on location as well as reserve service required, since different technologies can provide different capacities and durations of storage. Storage of solid, liquid and gaseous fuels has been commonplace for centuries; as the low carbon transition requires integration of increasing intermittent renewable sources into the system, energy storage is becoming integral for reducing dependency on fossil fuels and achieving a flexible, resilient energy network. Strategic placement of storage also gives the potential to avoid otherwise necessary network upgrades and curtailment of expensive assets. Greater connectivity between different energy networks, i.e. interconnection across national grids, can allow for security of supply without needing additional generation capacity.
Energy storage has applications varying from small-scale local systems in homes or commercial buildings – which are becoming increasingly common alongside the rise of distributed generation – to utility-scale storage systems. Common examples of energy storage include batteries (mainly lithium-ion) which store electricity as chemical energy, pumped hydroelectric storage systems which store gravitational potential energy in elevated reservoirs, and ice storage tanks which store thermal energy by freezing water with cheaper energy at night to meet peak cooling demand in daytime. Surplus renewable electricity can also be used to produce energy carriers like hydrogen, enabling the storage of renewable energy for long periods. Electric vehicles can also function as storage systems, since electricity can be transferred both to and from the batteries of plugged-in vehicles when needed. With energy storage expected to play a greater role towards a low-carbon and sustainable energy future, various storage technologies must be evaluated to balance the trade-offs between life-cycle cost, efficiency, material sustainability and safety.
Learn more about storage by reading our Energy Insights.
Read our New Energy World articles on how energy storage fits into strategies for carbon reduction.
Learn about recent public funding for research and development of energy storage on our policy milestone calendar.
0.0%
increase seen in overall investment in battery storage in 2020 (IEA)
0%
fall in the price (volume-weighted average) of a lithium-ion battery pack since 2010 saw prices reach an average of $137/kWh in 2020 (BloombergNEF)
0TWh
of global energy storage in forecast to be installed by 2030, compared to 34 GWh in 2020 (BloombergNEF)
0billion
will be saved by bill-payers by 2050 by moving to a zero carbon gas grid t (Energy Networks Association)
What's new?
New gas power plants needed to ‘reinforce’ energy supply – UK government
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US solar installations skyrocket in first full year of Inflation Reduction Act
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The US solar industry added a record-breaking 32.4 GW of new electric generating capacity in 2023 – a 37% increase from the previous record set in 202...
Novel wave energy system deployed off Portugal
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The C4 wave energy converter (WEC) was deployed in the Atlantic, off the coast of northern Portugal, and demonstrated the technology’s ability to ‘tu...
US offers remote communities $366mn to lower energy costs and enhance energy security
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The DOE said the funding – for 17 projects across 20 states and 30 tribal nations and communities in the US – underscores the Biden-Harris Administrat...
Qatar to increase LNG production capacity by nearly 85%
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Speaking at a press conference at QatarEnergy’s headquarters in Doha, HE Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President and...
Events and training
Hazardous Area Classification - November 2024
19/11/2024 - 21/11/2024
This 3-day training course will provide delegates with training on the Energy Institute Model Safe Code of Practice 15, Area Classification for Instal...
Technical guidance publications
PELG Petrol filling stations - Guidance on managing the risks of fire and explosion (The Red Guide)
2024
Petrol filling stations: Guidance on managing the risks of fire and explosion (the Red Guide) has been jointly developed by industry, regulators ...
IP 467: Determination of the high temperature stability of middle distillate fuel
2024
This standard specifies a procedure for the assessment of the relative stability of middle distillate fuels under high temperature ageing conditions w...
IP 387: Determination of filter blocking tendency
2024
This standard specifies a method for the determination of the filter blocking tendency (FBT) and filterability of middle distillate fuel oils and non-...
IP 463: Determination of the presence of phenalenes and phenalenones in middle distillate fuels which affect potential instability - Rapid method by portable spectrophotometer
2024
This standard specifies an ambient temperature procedure for the rapid determination of the presence of compounds in middle distillate fuels which aff...
Research report: Assessing environmental impacts of energy storage technologies for grid scale applications
2023
This report is free to download for subscribers. Register or log in to download.Energy storage is a key element for effectively harnessing ...