• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 12 hours Reality catching up with EV forecasts
  • 18 hours A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 1 day "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 11 days US Oil Independence is a myth and will always be a myth
  • 7 days The Federal Reserve and Money...Aspects which are not widely known
  • 11 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 15 days Natural gas price to spike when USA is out of the market
  • 14 days "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 15 days *****5 STARS - "The Markets are Rigged" by The Corbett Report
Guyana’s Oil Industry Is In For A Stellar Year

Guyana’s Oil Industry Is In For A Stellar Year

Guyana’s oil boom is just…

Could Canada Pass Something Similar To The Inflation Reduction Act?

Could Canada Pass Something Similar To The Inflation Reduction Act?

Canada’s Prime Minister Justin Trudeau…

U.S. Looks To Slash Long-Duration Energy Storage Costs By 90% By 2030

The U.S. Department of Energy announced on Wednesday a new goal to support the increased rollout of more wind and solar power in the grid by reducing the cost of grid-scale, long-duration energy storage by 90 percent within the decade.

The DOE initiative has very ambitious goals to accelerate breakthroughs in technology that could enable the storage of clean electricity to make it available anytime, anywhere. Analysts say that the target to slash costs 90 percent below today’s lithium-ion batteries within 2030 would not be easy to achieve.

The Biden Administration targets a carbon pollution-free electricity sector no later than 2035. This in itself is a huge challenge considering that natural gas accounted for the largest share of U.S. utility-scale electricity generation in 2020, at 40.3 percent, with fossil fuels at 60.3 percent share, also due to coal’s 19.3-percent share of the power mix.   

Announcing the goal of reducing the cost of long-duration energy storage by 90 percent by 2030, U.S. Secretary of Energy Jennifer Granholm said today:

ADVERTISEMENT

“We’re going to bring hundreds of gigawatts of clean energy onto the grid over the next few years, and we need to be able to use that energy wherever and whenever it’s needed.”

“That’s why DOE is working aggressively toward cheaper, longer duration energy storage to reach President Biden’s goal of 100% clean electricity by 2035,” Secretary Granholm added.

ADVERTISEMENT

“Those cost targets won’t be easy to hit, although they’re in line with what many developers are aiming for,” Nestor Sepulveda, who led a recent study about storage costs as a researcher at the Massachusetts Institute of Technology, told The New York Times

“One big obstacle right now is that there’s no policy requirement for utilities to build long-duration storage. It’s easier and cheaper to simply burn natural gas,” Sepulveda added.

Meanwhile, the U.S. energy storage market is booming, with 910 megawatt-hours (MWh) of new energy storage systems brought online in the first quarter of 2021, according to the latest estimates from Wood Mackenzie and the U.S. Energy Storage Association. The figure was a 252-percent jump over Q1 of last year, making it the biggest Q1 so far for the U.S. storage market.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

ADVERTISEMENT


ADVERTISEMENT


Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News