Energy storage is an integral part of the electrical supply and transmission and distribution systems and is now receiving increasing attention by a wide range of stakeholders including utilities, end-users, grid system operators and regulators.
Storage has a fundamental value in any network, and system needs and market drivers for energy storage on the grid are quickly accelerating. This is because, at the most basic level, storage imparts flexibility to system planning and operations for any supply chain.
Flexibility allows infrastructure to be deployed more economically, and enables a network to better adapt to constant fluctuations in supply and demand. Significant amounts of storage also prevent costly supply chain disruptions and shortages, and makes the entire system more reliable and resilient.
Over the past decade, the advanced energy storage industry has grown rapidly, even as other parts of the power sector have contracted. Drastic cost declines, increasing manufacturing capacity, and market and regulatory reforms have all contributed to this growth. Most importantly, the value of storing energy on the grid, in all its forms, is increasingly recognized.
For more information on Energy Storage, visit the Energy Storage Association’s website.