Survey reveals emerging cost-effective long-duration energy storage technologies
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/06/Depositphotos_646324446_S.jpg)
A survey of seven long-duration energy storage (LDES) technology groups by BloombergNEF, highlights the cost-effectiveness of certain energy storage technologies for longer durations.
The survey reveals that although most LDES technologies are still in the development phase and less cost-effective when compared to lithium-ion batteries, some options exist that are already en route to achieve reduced costs for a lower duration.
According to a report by BloombergNEF (BNEF), thermal energy storage and compressed air storage are examples of such storage systems. The report mentions that the average capital expenditure for the storage as mentioned above systems is about “$232 per kilowatt-hour and $293/kWh, respectively”.
On the other hand, the average capital expenditure of lithium-ion systems was nearly $304/kWh for a duration of four hours in 2023. The duration mentioned here is considered shorter-term storage and displays the duration suitability of lithium-ion storage systems.
Although a clear cost difference is evident, challenges exist, primarily due to the Chinese market. The average capital expenditures in non-Chinese markets are “68% higher for compressed air storage, 66% higher for flow batteries, and 54% higher for thermal energy storage”, according to BNEF’s report.
According to experts, developing “supportive policies and ongoing technological advancements” is crucial to pushing the wider adoption of LDES, thereby increasing their competitiveness against lithium-ion batteries, as per the report by BNEF.
Quote of the Day
No quotes found.
Newsletter
Related News