November 14, 2024
As the world shifts to renewable energy, the importance of battery storage becomes more and more evident with intermittent sources of generation – wind and solar – playing an increasing role during the transition. Storage of electricity is an important part of achieving electricity independence and reducing your reliability on the grid. Electricity stored in a battery is often the easy part, with true value coming from the management o fhow and when the battery charges and discharges.
Australia's battery storage industry is poised for substantial growth and innovation. With increasing renewable energy penetration, the demand for reliable energy storage is escalating. By 2030, the nation's installed battery storage capacity could reach 30 GWh. Advancements in battery chemistry, materials, and manufacturing processes are reducing costs and enhancing performance. These innovations, coupled with increased energy density and longer battery life, are making battery storage more accessible and cost- effective. This growth will drive economic development,create jobs, and foster local supply chains. Moreover, the integration o fbattery storage with renewable energy sources will play a pivotal role in Australia's transition to a low-carbon future. By mitigating the intermittency of renewable energy, batteries will ensure a stable and reliable electricity supply. Australia's abundant renewable resources, strong research capabilities,and supportive policy environment position the country to lead the global battery storage market and shape a sustainable energy future.
While much of the focus on BESS is on utility scale and individual homes as described above, the opportunity for their involvement in Embedded Networks is just as attractive. Solar and battery storage can significantly reduce the volume of energy purchased at the main connection point of an Embedded Network, without reducing the volume of energy tenants are recording at their sub-meter. This interaction between the reduced volume of electricity purchased from the grid, and the volume of electricity sold to tenants can generate attractive profits. These profits are often used to provide strong return on investment (ROI) but can also be used to discount the cost of electricity for the customers within the embedded network.
What was previously envisioned as a solution only for Microgrids,’ is now readily available for the right Embedded Network environment.
Most recently, more embedded networks are also integrating BESS technology to take advantage of market energy rates. Discharging in peak times to the market, purchasing at off-peak times or engaging in Ancillary Services to benefit from additional income streams. The innovation in opportunities available to Embedded Network Owners and Operators through these BESS arrangements, will be a fantastic area of the market to be involved in and watch evolve over the coming years.
Battery storage is a critical component of Australia's transition to a clean energy future. By enabling the efficient storage and utilization of renewable energy, battery storage can help ensure a reliable,sustainable, and affordable power supply for the nation.
Our experience as an independent expert in Embedded Networks is that the hardest part of progressing into renewable energy,is finding the right partner. Having the right partner to facilitate and inform these conversations is now more important than ever. A partner you can trust, with proven solutions and industry knowledge can help manage your direction while you learn and grow, enabling you to make informed decisions and look after your best interests.
