However, the system value of storage is often poorly accounted for in electricity markets, resulting in the sub-optimal deployment of electricity storage. Based on a recent analysis by IRENA, the share of renewables in global power generation is expected to grow from 25 percent today to 86 percent in 2050
April 02, 2020. By News Bureau
The share of variable renewable energy (VRE) technologies – primarily solar photovoltaic (PV) and wind power in power generation can increase from 4.5 per cent in 2015 to around 60 per cent by 2050, as per a report by International Renewable Energy Agency (IRENA).
It said electricity storage could play a key role in facilitating the next stage of energy transition by enabling higher share of variable renewable energy (VRE) in power systems, accelerating off-grid electrification and indirectly decarbonizing the transport sector.
However, the system value of storage is often poorly accounted for in electricity markets, resulting in sub-optimal deployment of electricity storage. Based on recent analysis by IRENA, the share of renewables in global power generation is expected to grow from 25 per cent today to 86 per cent in 2050.
The rapid expansion of renewable resources prompts the need for a more flexible energy system to ensure that variable resources can be integrated into the power system reliably and effectively. Traditionally, flexibility has been provided by conventional thermal generation with high ramping capabilities, low minimum loads and short start-up times, such as open cycle gas turbines.
However, to integrate very high shares of VRE, flexibility should be harnessed in all parts of the power system to minimize the total cost of providing flexibility. According to the report electricity storage together with other mitigation measures for example demand response, flexible generation, and smart transmission and distribution networks could enable the integration of solar and wind power at very large scales.
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