Key Takeaways from the report “Achieving the Promise of Low-Cost Long Duration Energy Storage” by the US Department of Energy are:
Grid-scale energy storage is a critical element driving and supporting the evolution of the electricity system. Long-duration (10+ hours) energy storage technologies are needed to support a variety of clean energy and resilience applications. DOE formed SI 2030 to analyse pathways for the most promising technologies to meet future targets. The strategy developed as part of SI 2030 is described in a series of reports called the 2023 Long Duration Storage Shot Technology Strategy Assessments. The reports analyse the potential of long duration capable energy storage technologies to achieve future goals and benefit from widespread deployment on the Nation’s electricity grid. They establish a systematic approach to engage with experts while quantifying the impact of innovation and will be revisited periodically to track progress.
In addition to estimating investment needs and timescales, the analysis found that innovations can significantly drive down the LCOS and that several technologies can achieve, or approach DOE’s Long Duration Storage Shot target. Furthermore, the innovations may advance storage options with diverse mineral supply chains and improve the accessibility of hydrological and geological storage technologies. The results for the top 10% cost-reducing innovation portfolios varied across technologies. On average , the top 10% of innovation portfolios can reduce LCOS by 12%–85% to $0.03/kWh–$0.26/kWh across storage technologies. The average cost of implementing innovations ranges roughly from $100 million–$1 billion and would take 6–11 years.
Access the complete report here
