The IEA has affirmed that electricity from solar and wind energy has now become cheaper than any other source, including coal-fired power plants, and this trend of decreasing prices seems to show no signs of stopping. This marks a significant progress in the journey of nations worldwide towards the goal of CO2 emission-free energy, a commitment they made in the 2015 Paris Agreement.
Renewable Energy Storage Solutions
Renewable energy storage solutions have made significant advancements in recent years. Here are some notable technologies:
Lithium-Ion Battery Energy Storage
Lithium-ion batteries, also known as Li-ion batteries, are rechargeable batteries with high energy density, durability, and low self-discharge. Their applications range from military to electric vehicles and energy storage for households, businesses, and industrial power grids.
Projects utilizing lithium-ion battery energy storage technology are being deployed and operated worldwide, marking the dominance of this technology. Representative projects include Neoen Hornsdale in South Australia (100 MW / 129 MWh), Strata Oxnard (100 MW / 400 MWh), AES Alamitos (100 MW / 400 MWh), Tesla Moss (182.5 MW / 730 MWh), NextEra Skeleton Creek (200 MW / 800 MWh), and many others.
These advancements are evidence of the robust development of the renewable energy and energy storage industry, contributing significantly to the global goals of clean and sustainable energy.
Redox Flow Batteries
Redox flow batteries are another advanced energy storage solution, replacing solid electrodes with energy-dense electrolyte compounds.
Flywheel Energy Storage
Other energy storage technologies such as flywheels, compressed air, thermal, and pumped hydroelectric storage also play a vital role in efficiently integrating electricity from renewable energy sources like wind and solar into the power grid.
Compressed Air Energy Storage
The development of these technologies is not only a significant step in optimizing the use of renewable energy but also an indispensable part of modern electrical infrastructure. This reflects progress in technology, changes in energy use and approach, and a deep understanding of how to distribute and use electricity.
Thermal Energy Storage
Previously, energy storage was seen as costly and inefficient. However, practical projects have demonstrated that it is not only feasible but can also bring significant economic and environmental benefits, especially in the context of renewable energy sources.
With the development of energy storage solutions, there is no doubt about their crucial role in the development of renewable energy, not only on a global scale but also at the local level, such as in Vietnam.
Conclusion
According to experts, the increase in new technologies, changes in consumer expectations and behavior, as well as the evolution of the structure of power generation and distribution systems over the past decade, have created favorable conditions for the emergence of developing energy storage technology, which is a key component of the new context in the power sector.
Previously, the view that energy storage was costly, but now it has changed, with many projects implemented in recent years, especially related to renewable energy sources.
There is no longer any doubt that energy storage solutions are the key to the success of solar and wind power industries not only globally but also in Vietnam.
