Water energy storage vs battery

Water energy storage vs battery - which one is more advantageous

Pumped storage power plant is the best complement to solar and wind power generation.” Recently, Stephen Lewis, president and CEO of a well-known German multinational company, said at the 2022 World Clean Energy Equipment Conference.
 
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The water energy storage mentioned by Long Jiewen is the energy storage method with the most mature technology, the best economy and the most large-scale development conditions in the current hot energy storage track.

According to the data, as of 2021, the cumulative installed capacity of water energy storage accounts for 86.2% of the power storage projects that have been put into operation in the world.

Although water energy storage is the most widely used and has the highest proportion in the energy storage market, in the energy storage segment, electrochemical energy storage is the energy storage technology that has received the most attention in the market.

At present, new energy storage represented by battery energy storage is undergoing a new round of investment boom, and power battery companies are one of the main players. In the competition of water energy storage vs battery, cost will be one of the key variables.

Advantages of photovoltaic power system will be more obvious

Hot levels are extremely rare this summer. From a global perspective, many places in the northern hemisphere have experienced extreme high temperatures during the same time period this year.

Europe may be experiencing the most severe drought in 500 years; the absolute value of temperature in many places in China has exceeded the record high, the duration is the longest, and the coverage above 40°C is the most extensive in history.

According to the assessment, global warming in the last 50 years is occurring at a rate unprecedented in the past 2,000 years, and carbon emissions are considered to be the cause of this rare global heat wave.

The situation of global climate change is becoming more and more severe, and it is imminent to speed up the energy transition and realize the “dual carbon” goal. Renewable energy represented by photovoltaics and wind energy is the main force in the process of realizing the “dual carbon” goal.

Advantages of photovoltaic power system will be more obvious

Over the past ten years, the cost of photovoltaic power generation has dropped by more than 90%, and it has generally dropped to less than 0.3 RMB/kWh.

It is expected that during the “14th Five-Year Plan” period, it will further drop below 0.25 RMB/kWh, which is lower than most coal-fired power… The advantages of photovoltaic power generation will be more obvious.

The energy storage battery powerwall battery in the photovoltaic power generation system is also becoming more and more popular. However, unstable energy supply is a long-term challenge for the development of renewable energy such as photovoltaics and wind energy.

For example, photovoltaics cannot supply energy at night, and when there is no wind or typhoon, wind power generation cannot work.

The intermittency and volatility of renewable energy sources such as photovoltaics and wind energy will cause a mismatch between supply and demand, which may lead to waste of power generation energy, and unstable power supply frequency of the grid, which will affect the quality of power supply.

Under the “dual carbon” goal, China’s power system needs to transform into a new power system with new energy as the main body, and energy storage is the key to solving these problems.

With the continuous reduction of costs, the large-scale application of energy storage will also provide a solid guarantee for smoothing the fluctuation of renewable energy. In this context, energy storage is also generally considered to be the next trillion-dollar market, with great development potential.

Energy storage is also widely considered to be the next trillion-dollar market

Compare advantages of water energy storage vs battery

At present, energy storage technology routes are mainly divided into two types: physical energy storage and chemical energy storage.

The former is represented by water energy storage, compressed air energy storage, flywheel energy storage, etc.; the latter is represented by lithium-ion batteries, sodium-ion batteries, lead-acid batteries, and flow batteries.

From 2010 to 2021, the installed power of global energy storage systems increased by 41.08% to 191.28GW, and the global energy storage capacity increased by 47.59% to 672.2GWh.

At present, water energy storage is the most mature technology, the most widely used, and the highest proportion. Water energy storage is the energy storage method with the most mature technology, the best economy, and the most large-scale development conditions at present.

However, compared with the more traditional energy storage methods of water energy storage, the current market is most concerned about new energy storage.

The so-called new energy storage generally refers to new electric energy storage technologies other than water energy storage, including electrochemical energy storage, compressed air energy storage, flywheel energy storage, etc.

In the new energy storage, most of them are battery energy storage (lithium-ion batteries, sodium-ion batteries, lead-acid batteries, flow batteries), especially lithium-ion batteries. Here are top 5 energy storage battery companies in the world.

Who has the more advantage in water energy storage vs battery

Accelerating the development of new energy storage has become the basic consensus of China in the world. During the “14th Five-Year Plan” period, China will continue to adhere to the market-led and policy-driven approach, emphasize overall planning and diversified development, encourage innovative demonstrations, pilot trials, and promote the large-scale, industrialized, and market-oriented development of new energy storage.

It is expected that by the end of 2025, the installed capacity of new energy storage in the power system will reach more than 30 million kilowatts. Under the new energy storage boom, the shipments of energy storage batteries have soared.

According to data, China’s energy storage battery shipments in 2021 will be 48GWh, a year-on-year increase of 2.6 times; It is expected that in 2022, China’s energy storage batteries are expected to continue to maintain a rapid growth trend.

It is conservatively estimated that the annual shipment volume is expected to exceed 90GWh, an increase of 88% year-on-year.

Costs of battery energy storage expected to decrease

For water energy storage vs battery energy storage, cost will be the most important consideration. It is expected that other energy storage costs such as battery energy storage are also expected to be reduced to 0.2-0.3 RMB/KWh during the “14th Five-Year Plan” period.

If the cost reduction of energy storage batteries can be effectively achieved, this will be close to the current cost of water energy storage. In this context, China’s energy storage battery production continues expansion.

According to the statistics of the energy storage network, in the first quarter of 2022 alone, 12 companies announced plans for the expansion of energy storage projects, with a total investment of 100 billion RMB.

In the new energy storage, most of them are battery energy storage, especially lithium-ion batteries.

Among them, Baofeng Group invested the largest amount. In March this year, Baofeng Group’s 200GWh lithium-ion energy storage whole industry chain project officially started in Yinchuan, with a total investment of 69.2 billion RMB.

China Innovation Aviation invested 20 billion RMB to build a power storage battery project in Jiangmen, Guangdong. In addition, EVE Lithium Energy, Sungrow, Sunwoda and other companies are also expanding the production of energy storage battery-related projects.

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