In the new issue of Ukrenergo Review, you will find out about the world’s prospects of Energy Storage development, global prices for electricity generated by solar power plants, new technologies for increasing energy efficiency and much more.
1. BloombergNEF expects $ 1.2 trillion of investments in Energy Storage by 2040.
Decreased prices for Energy Storage systems will cause a leap in the investments in this technology as early as by 2040. In general, within the nearest 22 years, the amount of $ 1.2 trillion is expected to be involved in the construction of such systems. This was forecast by the research company BloombergNEF (BNEF).
The global market of Energy Storage systems (except for hydraulic pumps) will increase to 942 GW of installed capacity, which is equivalent to 2,857 GWh of electricity, by 2040. Cheap batteries will allow the global economy to effectively compensate for the instability of solar and wind power plants.
The latest long-term forecast of energy efficiency prepared by BNEF shows that CAPEX for storage systems with lithium-ion batteries in the utility sector will fall by another 52% between 2018 and 2030. This will significantly change the economic situation in the markets of storage batteries for vehicles and the power sector.
China, the US, India, Japan, Germany, France, Australia, South Korea and the UK will become leaders in this field. These nine markets will constitute two thirds of the installed capacity by 2040.
Energy storage will become a practical alternative to the construction of new power plants and the increase in the grid’s transfer capacity.
2. Dubai DEWA to reduce tariffs for electricity generated by SPP to $ 0.024 per kWh.
Dubai Power Company Dubai Electricity and Water Authority (DEWA) will sell electricity generated by new additional capacity (250 MW) of the solar park Mohammed bin Rashid Al Maktoum at the rate of $ 0.024 per kWh. This is three times cheaper than the previous tariff of $ 0.073 per kWh. This was reported by Photovoltaic Markets and Technology.
Additional 250 MW will be built as a result of an increase in the project capacity of the fourth phase of the construction of Mohamed bin Rashid Al Maktoum Solar Park in Dubai from 700 MW to 950 MW.
The tariff of $ 0.024 per kWh is the lowest price ever registered for a large-scale solar project in the United Arab Emirates. The total investments in the solar park will increase to AED 50 billion ($ 13.61 billion).
3. Siemens to test subsea power grid.
Siemens AG successfully completed the initial phase of testing the world’s first medium voltage Subsea Power Grid using pressure compensated technology in Trondheim (Norway). This was reported on the company’s website.
Tests are conducted in cooperation with such partners as Chevron, Equinor, ExxonMobil and Eni Norge.
“This development is what we are preparing for with the Subsea Power Grid system,” said Frode Tobiassen, Head of Subsea at Siemens.
The subsea power system consists of the following equipment: a subsea transformer, switchgear, variable speed drive (VSD), connectors, and a reliable remote control and monitoring system based on cloud-based technologies.
The system is ideal for the implementation of projects in underwater reservoirs for the power supply of oil refineries. At the same time, there are preparatory works for a pilot programme on deep-water testing of equipment to be installed in the subsea field.
4. Korea to build the world’s largest solar park.
South Korean President Moon Jae-in said that the construction of the world’s largest solar park of 3 GW would start in Saemangeum. This was reported by www.pv-magazine.com.
By 2030, South Korea plans to add 30 GW of solar power to improve the share of renewable energy in the country’s energy mix. To do this, the government plans to invest $ 8.8 billion in the development of a large solar-wind complex with a capacity of 4 GW in Saemangeum, of which 3 GW will be covered by the solar park. The complex will be located on an area of 409 square km and will become the centre of the country’s renewable energy. The solar park is planned to be commissioned by 2022.
South Korea plans to generate 20% of renewable energy by 2030 and increase the capacity of solar power plants up to 30 GW, with 9% of this capacity being received from the Saemangeum project.
The Korean government wants to attract renewable energy companies to invest in the construction of the solar and wind complex. This territory will become a free trade area. Saemangeum, the development of which started near the sea, offers significant tax incentives for companies developing their production capacities there.
5. E.ON to use satellite photos to overcome energy poverty.
In cooperation with the European Space Agency (ESA), E.ON will create a tool that allows receiving real-time satellite data for the thermal modernisation of buildings. This was reported by Energylivenews.
The new instrument will accurately identify the areas where it is necessary to increase the energy efficiency of buildings and help the population to overcome fuel shortages. The data from satellite technology will help quickly draw a precise picture for a detailed analysis of the situation.
The appropriate tests will initially focus on energy efficiency measures and will further ensure the search and analysis of information to be used for other purposes, in particular air quality monitoring.