Australia's love affair with clean energy and battery storage is only just beginning, with the nation on the verge of an energy storage boom, as the cost of lithium-ion batteries rapidly drops, a new report details.
Like solar photovoltaic (PV) panels a decade earlier, battery electricity storage systems offer enormous deployment and cost-reduction potential, according to this study by the International Renewable Energy Agency (IRENA).
Energy storage deployments in emerging markets worldwide are expected to grow over 40% annually in the coming decade, adding approximately 80 GW of new storage capacity to the estimated 2 GW existing today.
With increased emphasis on reducing emissions from the power sector, grid-level energy storage can enable larger penetration of renewable energy into the grid. Grid-level energy storage is likely to dominate the conversation in the power industry in the coming years, just like renewable energy dominated the conversation in the past 2 decades.
As per Section 3 of the Electricity Act 2003, Central Electricity Authority (CEA) has been entrusted with the responsibility of preparing the National Electricity Plan in accordance with the National Electricity Policy and notify such plan once in five years.