Over USD 58bn committed to long-duration storage because 2019, claims WoodMac

• Governments and also firms have devoted more than USD 58 billion (EUR 55bn) to long-duration storage space power (LDES) projects around the world over the past three years as they can help make it possible for a grid with more renewables, Wood Mackenzie stated last week.

With each other, these projects represent 57 GW of capacity, which is three times the world's power storage space capacity set up in 2022, the research company includes.

LDES projects worth USD 30 billion are presently incomplete or in operation, according to its report.

A lot of LDES modern technologies, however, are still arising and will deal with difficulties to scale before 2030, with the only mature service, pumped hydro storage space, anticipated to dominate the marketplace till the end of the decade.

Wood Mackenzie additionally sees different excitement concerning LDES in different parts of the world. Policy support in China is driving a velocity of vanadium redox flow batteries and also compressed air energy storage.

"This year, we've seen the globe's biggest redox flow battery energy storage space system, 100 MW/400 MWh, linked to the grid in Dalian, China. The city of Zhangjiakou likewise saw the globe's biggest pressed air power storage space project, 100 MW/400 MWh, start its procedures," claimed Wood Mackenzie expert Kevin Shang.

The US is also developing its LDES market, while many countries in Europe have been less energetic, with the exception of the UK, which is wanting to support industry gamers.