Solar Auctions Surge by 229% in Q1 2024, Tender Activity Up 122%

Global Wind Installations Reached 1 TW Milestone in 2023

Funding and M&A Roundup: Nexamp Secures $520 Million

Project Finance Brief: Arevon Secures $352 Million for Posey Solar Project

Indian Oil Issues Empanelment Tender for Solar Power Projects

Southern Railway Seeks Bids for 1.2 MW Rooftop Solar Projects in Chennai

Husk Secures $4 Million from Electrifi to Scale up Mini Grids in Rural India

Doubling Transmission Capacity of Existing Grid Through Reconductoring: Report

Daily News Wrap-Up: BJP, Congress Bet Big on Renewables in Election Manifestos

As ISTS Waiver Nears End, Developers Need Extension Amid Lack of Substations


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="http://mercomindia.com/wp-content/uploads/2022/11/amazon_polly_44973.mp3?version=1669093702">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Thermal energy storage (TES), as a form of long-duration energy storage (LDES), can help decarbonize roughly 45% of all energy-related emissions by ensuring that industrial operations requiring heat are optimized affordably, said a report by <a href="https://www.ldescouncil.com/" target="_blank" rel="noopener">Long Duration Energy Storage Council</a> and <a href="https://www.mckinsey.com/" target="_blank" rel="noopener">McKinsey</a>.</p>
<p>Heat storage technologies can offer a variety of storage durations (from intraday to seasonal) and temperatures (from subzero to 2,400°C) and integrate intermittent renewable energy into a firm supply of heat energy.</p>
<p>For instance, TES can firm the variable offshore wind supply into a more stable supply of clean heat for industrial heating, including high-temperature heating. This can completely change the energy-usage pattern of a typical industrial hub.</p>
<p>Further, the report said, “According to the 2022 LDES benchmark results, TES enables cost-efficient electrification and decarbonization of the most widely used heat applications, namely steam and hot air,” the report said</p>
<p>TES can help double the overall installed capacity of LDES to 2 TW-8 TW by 2040. While this will require capital expenditure of $1.6 trillion-$2.5 trillion, it could lead to savings on system costs by up to $540 billion per year.</p>
<p>The findings establish the need for thermal storage to be part of an integrated energy system that includes electrical and molecular storage to accelerate a decarbonized energy system further.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-44974 size-full" src="https://mercomindia.com/wp-content/uploads/2022/11/Picture1-7.png" alt="" width="567" height="253" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Picture1-7.png 567w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Picture1-7-300x134.png 300w" sizes="(max-width: 567px) 100vw, 567px" /></p>
<p>“More LDES enables an accelerated build-out of renewables and greater optimization of grid utilization. When thermal energy storage is part of the mix of diverse LDES technologies, then the results are clear &#8211; long-duration energy storage continues to be a cost-effective, reliable, sustainable, and secure component of our net-zero future,” LDES Council Executive Director Julia Souder said.</p>
<p><strong>LDES costs are declining</strong></p>
<p>The report said that TES solutions have an internal rate of return of 6% to 28% for chemical plants, 22% for off-grid greenhouses, up to 16% for district heating peaker plants, and 16% for alumina refineries.</p>
<p>It is predicted that LDES costs will decline in the following years, suggesting a 25% to 50% overall capital expenditure (CAPEX) reduction of power LDES technologies by 2040. TES capital expenditure is expected to decline by 5% to 30% for power CAPEX and 15% to 70% for energy storage CAPEX.</p>
<p>Incorporating various storage technologies creates an opportunity to optimize the current utilization and future development of fixed infrastructure assets.</p>
<p>The reports suggest that LDES can enable more efficient grid utilization through supply-and-demand management and storage as a transmission asset, thereby reducing costs related to such expansions. This could prove especially beneficial over the next five to ten years, when the bulk of grids will need to be re-designed, given the typical ten-year development timeline of major grid expansions.</p>
<p>Better grid utilization may, in turn, allow the integration of more renewable generation capacity into the system.</p>
<p>The Biden government <a href="https://mercomindia.com/us-announces-350-million-for-long-demonstration-projects/" target="_blank" rel="noopener">announced</a> a $350 million fund for LDES demonstration projects. These storage projects will be built to deliver electricity for up to 10 to 24 hours or even longer to support a low-cost, reliable, and carbon-free electric grid.</p>
<p>Earlier in August, it had <a href="https://mercomindia.com/us-to-invest-23-billion-for-clean-energy-deployment/" target="_blank" rel="noopener">launched</a> two new program offices – the Grid Deployment Office and the Office of State and Community Energy Programs – to drive more than $23 billion in investments to expand the power grid capacity and deploy cheaper, cheaper, cleaner energy.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
</div>
<div class="authorboxn">
<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
<p style="height: 17px">
</div>
</div></div><div class="clearfix"></div></div></div>

Thermal Storage Can Expand Long-Duration Energy Storage to 8 TW by 2040

thermal-storage

Get the most relevant India solar and clean energy news.

RECENT POSTS