Nov 4, 2021
Energy groups call for $3tn long duration storage push
Some of the world's biggest energy and engineering companies have joined forces to call for as much as $3tn of investment into long duration energy storage to give the global power system the flexibility necessary to achieve net zero emissions by 2040. Supporters say long duration energy storage or LDES - defined as systems capable of storing energy for more than eight hours - will be pivotal as the world replaces fossil fuels with less predictable wind and solar power. "This area of long duration storage is the next topic that people really need to grasp to achieve this net zero future," Phil Caldwell, chief executive of UK-listed Ceres Power and a founding member of the council, told the Financial Times. At least 1 terawatt hour of long duration storage is required by 2025 at a cost of $50bn if the global power sector is to be on course to decarbonise by 2040, it said. The main source of long duration energy storage today is pumped hydro, where water is pushed from a lower elevation reservoir to a higher elevation and then released, generating clean power when it is needed.
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