A new report from Navigant Research demonstrates how energy storage is maximising efficiency and value in the life of fossil fuel power plants.
According to the report, market conditions and policies are driving acquisitions and new hybrid projects from incumbent generator providers.
The pairing of storage with generators is also opening opportunities for new products and services both from companies serving large-scale utility markets and those focusing on distributed generation technologies for commercial and industrial customers.
The development of energy storage has been tightly associated with the integration of renewable energy. However, energy storage is considered one of the most versatile technologies on the grid.
“At a time when market conditions are forcing power plants into premature retirement, energy storage can increase revenue and lower the costs to operate power plants,” says Alex Eller, senior research analyst with Navigant Research.
“In the same way a hybrid car utilises battery storage to improve efficiency and reduce fuel consumption, an energy storage system integrated with a conventional power plant can result in significant fuel savings while improving the grid’s overall resiliency.”