Skip to main content

Most Cost-competitive Technologies For Energy Storage Visualized

Energy storage technologies have been rapidly evolving, driven by the growing demand for renewable energy integration and grid stability. Among the most cost-competitive technologies, lithium-ion batteries have emerged as a frontrunner. Their widespread use in electric vehicles has led to significant economies of scale, contributing to a reduction in costs. Moreover, advancements in battery chemistry, manufacturing processes, and materials have further enhanced the performance and cost-effectiveness of lithium-ion batteries.

Beyond lithium-ion, pumped hydro storage remains one of the most established and cost-effective forms of grid energy storage. This technology utilizes surplus electricity to pump water to a higher elevation and releases it to generate power during periods of high demand. Pumped hydro projects benefit from their long lifespan and high efficiency.

Innovative technologies such as flow batteries, which use liquid electrolytes stored in external tanks, are gaining attention for their potential cost-effectiveness and scalability. Vanadium redox flow batteries, in particular, have shown promise due to their ability to decouple power and energy capacity.

Furthermore, compressed air energy storage (CAES) is recognized for its ability to store large amounts of energy. During periods of excess energy generation, air is compressed and stored in underground caverns, and when electricity is needed, the compressed air is released to drive turbines and generate power.

The visualization below created by Reddit user IainStaffell shows which technology has the lowest whole-lifetime cost of storing electricity, across the full range of possible grid applications.

Colours on the chart symbolize the technologies with the lowest lifetime cost. Shading displays how substantial the cost advantage is over the second cheapest technology.

The axes display discharge duration and cycling frequency. They enfold the whole spectrum from second-by-second balancing applications (bottom right) up to inter-seasonal storage (top left), and everything in between.

Circled letters reveal grid services which can be monetized in various power markets.


Overall, the pursuit of cost-competitive energy storage is fostering continuous innovation and the integration of various technologies into a diversified energy storage portfolio, each with its advantages and suitability for different applications in the evolving landscape of renewable energy and grid resilience. 

All data for creating this visualisation was taken from the book “Monetizing Energy Storage”. Forthcoming technology costs are based on projected reductions in investment costs over time. Lithium-ion becomes competitive over a broader range of applications in the future, as its costs are dropping faster than other technologies.

Labels:

This post may contain affiliate links. As an Amazon Associate, I earn from qualifying purchases.


Comments

Post a Comment

Popular posts from this blog

Find cities with similar climate

This map has been created using The Global environmental stratification. The Global environmental stratification (GEnS), based on statistical clustering of bioclimate data (WorldClim). GEnS, consists of 125 strata, which have been aggregated into 18 global environmental zones (labeled A to R) based on the dendrogram. Interactive map >> Via www.vividmaps.com Related posts: -  Find cities with similar climate 2050 -  How global warming will impact 6000+ cities around the world?
Read more

Mapping the Hottest Temperatures Ever Recorded on Earth

 When summer arrives, it brings not only vacation season but also some of the most extreme heat waves across the globe. While many people associate summer with warm, sunny days, some regions endure scorching temperatures that push the limits of human endurance. To put these extremes into perspective, we’ve mapped the highest temperatures ever recorded in countries around the world. The maps below, created by Vivid Maps , illustrate these record-breaking temperatures and the patterns of extreme heat across the globe. The Hottest Temperature on Record According to historical weather data, the highest reliably recorded temperature on Earth is 56.7°C (134°F) , measured in Death Valley, California , on July 10, 1913 . However, an even higher temperature of 58°C (136.4°F) was reportedly recorded in El Azizia, Libya , on September 13, 1922 . While this Libyan record stood for decades, some meteorologists have questioned its accuracy due to inconsistencies in measurement methods at the ti...
2 comments
Read more

How Cold Can It Get? The Lowest Temperatures Ever Recorded, Mapped

We often talk about record heat , especially in the context of climate change. But on the flip side, our planet also experiences cold so extreme it defies belief—temperatures that can flash-freeze exposed skin and halt life as we know it. These are not just numbers on thermometers; they’re snapshots of how Earth's atmosphere behaves under specific conditions—altitude, wind patterns, and location far from the moderating effects of oceans. The coldest temperature ever recorded on Earth? That title goes to Vostok Station in Antarctica, where scientists measured a bone-cracking −89.2°C (−128.6°F) on July 21, 1983. Located on the East Antarctic Plateau, Vostok is more than 1,000 kilometers from the South Pole and sits atop about 3.7 kilometers (2.3 miles) of ice. It’s isolated, dry, and high—three ingredients that make for perfect deep freeze conditions. The world map below created by VividMaps shows the lowest temperature ever recorded by country. The Coldest Inhabited Place on Earth...
Post a Comment
Read more