As our electricity system continues to expand, the role of energy storage solutions in our future long term system planning will also grow. Traditionally, electricity has been a challenge to store in large quantities and over long periods of time however innovative energy storage technologies provide many valuable services to the grid. It enables the optimization of renewables, improves reliability, increases flexibility and reduces costs.
Energy storage solutions are an essential component of the smart grid.
Dr. Andrew Ford, Professor Emeritus at Washington State University recently released a study entitled, “Unleashing the Value of Energy Storage” examining the value fuel-free Compressed Air Energy Storage (CAES) systems can deliver to Ontario. It concludes that the technology can reduce the energy costs of Ontario businesses and consumers by a cumulative total ranging from $6.5 billion to more than $8 billion over a 20-year period, while helping the province achieve its carbon reduction goals. This savings will greatly outweigh the cost of storage.
Highlights of Dr. Andrew Ford’s full study include:
- Compressed air energy storage system technology can reduce Ontario’s energy costs by up to $8 billion over 20 years.
- Value for rate payers will be delivered via more efficient integrated wind-generated electricity and load levelling.
- Grid operators need flexible resources to offset errors in forecasting the amount of wind and solar energy flowing onto the Ontario grid.