Trouble For Utility Firms as Batteries Onboard to Modernize the World’s Power Networks
Battery storage technology is a turning point in the energy sector. Although it is just a marketing tactic but is do cast a spell. The market analyst sees the adoption of rechargeable batteries as one of the most noteworthy shifts in the energy segment since the late nineteen centuries. Rechargeable batteries in vehicles, households, industrial plants, power grids, and others. That will certainly make the shift to renewable energy possible. It is pretty overstated, but if you want to run your home just on solar and batteries. It is undoubtedly going to be tough.
According to Bloomberg primary research, the wind and solar will supply half of the world’s electricity, by the year 2050. This revolution will bring the end of an energy era, dominated by coal and gas. But this transition cannot be achieved without storage. Switching from the electrical system operating uninterrupted on fossil fuels to a more random mix of smaller renewable sources needs storage. In addition to this, storage is essential to overcome two primary hurdles related to renewable energy. Firstly, the power harvested in the day can source peak energy demand in the evening. Second, it ensures there is enough power accessible even when the sun goes down or the wind drops. Storage can be the leapfrog technology, essential in a world focused on profound climate change.
Utilities are not panicking yet. According to Mr. Zak Kuznar, the managing director of microgrid and energy storage growth at Duke Energy Corp, the prospect of a significant number of residential consumers going off-grid is possibly overstated. He further specified that seeing from where technology is today, going off the grid would be tough. Also, it is something they are monitoring, but at this point, it is certainly exaggerated. Still, optimism proliferates. According to Mr. David Frankel, partner at McKinsey & Co in the Los Angeles, battery storage technology is nearing a tipping point.