Long Duration Energy Storage Poised to Outcompete Lithium Ion Batteries
While most long-duration energy storage (LDES) technologies are still early-stage and costly compared to lithium-ion
PV Magazine International 12:26 am on June 3, 2024
The article from pv magazine discusses the potential of long-duration energy storage (LDES) technologies to outcompete lithium-ion batteries by 2023, with a focus on their cost and scalability. BloombergNEF's inaugural report reveals that some LDES types already offer cheaper solutions for durations over eight hours compared to traditional storage systems like compressed air energy storage and thermal storage, although costs vary significantly across technologies. The deployment scale and market development in regions are crucial factors affecting cost reduction rates of these systems.
- Cost Comparison: LDES technologies show a promising trend to become more cost-effective than lithium-ion batteries for long durations.
- Technology Types: Diverse categories of LDES, such as compressed air and thermal storage, have been analyzed by BloombergNEF, with varying average costs.
- Deployment Factors: Project scale and market presence influence the reduction in cost for these long-duration energy storage solutions.
- Early Adoption Challenges: Despite lower operational costs, most LDES technologies are still nascent with limited information available on their performance and scalability.
- Future Outlook: The cost reduction trajectory of LDES will heavily rely on deployment growth and market route development in key regions.
https://www.pv-magazine.com/2024/05/31/long-duration-energy-storage-poised-to-outcompete-lithium-ion-batteries/