Daily Management Review

Combination Of Energy Storage And Conventional Power Plants Creating New Paradigms: Navigant Research


05/22/2018




Combination Of Energy Storage And Conventional Power Plants Creating New Paradigms: Navigant Research
The concept of storage of energy is closely linked to renewable energy where technology for energy storing is amongst the most versatile technologies on the grid. A new report from Navigant Research points out that the manner in which energy is stored is undergoing a paradigm shift because of a new steam of projects that seek to bring amalgamate energy storage with fossil fuel (ESFF) generation.
 
When an energy storage system (ESS) is linked to a conventional power plant, there can be significant reduction in fuel and maintenance cost while enhancing the overall resilience of the grid as well in a manner that is similar to the way a hybrid car uses battery storage to enhance efficiency and for the reduction of fuel consumption.
 
“At a time when market conditions are forcing power plants into premature retirement, energy storage can increase revenue and lower the costs to operate power plants,” says Alex Eller, senior research analyst with Navigant Research. “In the same way a hybrid car utilizes battery storage to improve efficiency and reduce fuel consumption, an energy storage system integrated with a conventional power plant can result in significant fuel savings while improving the grid’s overall resiliency.”
 
Incumbent generator providers are being driven to acquire and create new hybrid projects by market conditions and policies, states the report. Companies engaged in serving large-scale utility markets as well as those that are focused on distributed generation technologies for commercial and industrial customers are faced with opportunities for coming up with new products and services because of the combination of storage with generators.
 
The report titled ‘Optimizing Fossil Fuel Generation with Energy Storage’ investigated    the advantages of ESFF solutions for the maximization of efficiency, value, and useful life of fossil fuel power plants.
 
The concept of technology and combining of energy storage with convention power plants can help them to enhance revenues and lower costs of operation at a time when many are being forced into premature closure because of unfavorable market conditions, the report notes. New technologies in energy storage allow power plants to become more flexible and optimize their operations as such plants are driven by enhanced peak demand and the spread of renewable energy on grids throughout the world. The integration of energy storage with generation plants has also given a strong base for development of a more flexible and resilient grid that has the ability of adapting to changing conditions, the report notes.
 
A background on the development of ESFF solutions along with the various strategies that the players in the market are making use of for to take advantage of the emerging trend are explored in the report. the report also details some of the key opportunities that are presented by the growth of ESFF solutions and projects.
 
(Source:www.businesswire.com & www.navigantresearch.com)






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