A new report from Navigant Research examines the use of energy storage for wind integration, covering existing and upcoming projects, the competitive landscape and expected market growth.
The rise of combined solar plus storage projects is reshaping the energy storage industry, yet employing energy storage for wind integration has fallen far behind. According to the report, despite the limited number of combined wind plus storage projects, the pairing of these technologies is critical to achieving a greater reliance on renewable energy generation.
“The links between wind and energy storage projects remain far less established than storage for solar PV as a result of both technical and economic factors,” says Alex Eller, senior research analyst at Navigant Research. “Although combined wind + storage projects offer similar benefits and potential, little development has taken place thus far for these combined projects.”
In order to launch more successful projects, the report recommends wind and energy storage operators invest in robust software to effectively pair the technologies with accurate wind output forecasts and market pricing. Stakeholders will also need to explore new revenue streams to address reductions or outright eliminations of subsidies for wind plants as well as maximize the use of existing transmission networks. Additionally, wind farm developers should partner early with storage providers to identify cost-effective sites for potential projects and viable revenue streams.
The report, “Optimizing Wind Power Plants with Energy Storage,” aims to provide an in-depth look at the drivers and challenges for this growing market. Specific attention is paid to the applications of energy storage for wind integration, existing and upcoming projects, the competitive landscape, and how this market is expected to grow over the next decade. Discussion of projects includes the companies involved and revenue streams being captured. An executive summary of the report is available for free download on the Navigant Research website.
News item from Navigant Research