An Economic Case for Batteries for Energy Storage Sector of Australia

Write a report that analyses one of the current major issues receiving significant attention with regard to sustainability: Is there an economic case for batteries for energy storage?

Answer:

Introduction

Energy Storage Sector of Australia with Reference to Other Nations

es capital intensive procedure for transmitting the electricity across the long distance and delivering electricity to the substation which are situated near the area of demand and consumption. The small scale networks for distributing electricity to the consumers, supply low voltage power from the substations. It must be noted that the electrical energy is note stored within the network. Energy is generated through the movement of electrons in the current and whenever the electric appliance is switched on the power is spontaneously transmitted to it. In the same way, when the generator is off, the current is ceased immediately (Marchment Hill Consulting, 2012).

In Australia, energy storage is widely appreciated and the most common mechanism for storing energy is chemical batteries. Storage is developing as a potential mechanism for supporting the current network. It has been estimated that generation, transmission and circulation of the electricity at large scale in real time when it is being consumed is economically more efficient than storing it for future consumption. It was due to the huge upfront cost in order to develop the storage system. However, presently, the renewable energy has changed due to innovation of new technologies. The energy investment group has developed a solar system which has been considered as the largest energy resource of the globe. Australia has already invested more than 2 million Australian dollars (PARKINSON, 2014). On the other hand, it has been observed that the European Countries, United States has invested less than Australia in the energy storage projects.  

Present and Future Situation of Energy Storage Project in Australia

Future Situation:

It has been observed that the renewable energy has been proliferating across the globe and Australia is not an exception to that. Awareness regarding to the alternative sources of energy has been rising. New South Wales Coastal shire of Ballina will be transformed into the first place for boasting the solar powered public electric vehicle charging station. Thee renewable Energy Agency of Australia has been already focusing on various systems for storing energy which can be used in future. Use of chemical battery will be helpful in reduction of the usage of the energy as well as consumption of fuel. The government of Australia has been investing for development of new technology and innovation which will help in energy storage system in a cost effective manner. The government of Australia had started its venture of energy storage from 2011 and the project will continue till 2030. Along with this, Australia has focused on adoption of various projects in order to save energy and reducing emission of green house gas (Marchment Hill Consulting, 2012).  Research and development team has been emphasizing on facilitating the growth of energy storage industry in Australia.

Procedure of Life Cycle Management Application for Storing Energy

Network Support

It has been estimated the cost of electricity is quite high in Australia. In order to meet the growing demand, the government has been emphasizing on the demand side participation. It has been found that the technological innovation must be integrated in order to decrease the consumption of traditional energy (Marchment Hill Consulting, 2012).

Residential Storage System

In the Australian household, distributed renewable energy generation needs to be adopted for applying the life cycle management for storing energy. Thus the households will be able t avoid huge amount of electricity bills.

It has been found that one off the major challenge is to control the interface at the time of the implementation of the lifecycle management process. Till date no standard has been followed in case of utility battery by the vendors (Steinmann, 2014).

Economical Challenges

Energy Storage for Addressing Major Issues

Various ways are there which can be utilized for storing energy such as chemical energy storage, electrochemical energy storage, mechanical energy, thermal energy, electrical energy etc. Assessing the present issues and scenario in Australia, it can be found that the electrochemical energy storage will be appropriate. It has been found to be the best mechanism for storing energy (Zhang, 2013). Additionally, it has been found that different devices are engaged such as fuel cell, battery etc which helps in the conversion of the chemical energy into electricity. Battery has large capacity for storing energy. Energy density of battery is found to be better compared to other devices. 

Additionally, it has been found that voltage efficiency of battery is useful and the ratio of output of the battery is more efficient in comparison to other devices. Electrochemical energy storage device such as battery is allowed for utilization of two different types of battery. Non rechargeable batteries store the energy but it cannot be recharged. On the other hand, chargeable battery has the ability to store the energy and recharge battery which can be reused. The electrode of the rechargeable battery has the ability for preceding the reaction in both the directions (Schlögl, 2013). Use of electrochemical energy storage system will be helpful in reducing the problems associated with consumption of energy along with the capital investment in order to acquire other resources such as gas, coal etc.

Conclusion

References

Amin, N., Belusko, M., Bruno, F. and Liu, M. (2012). Optimising PCM thermal storage systems for maximum energy storage effectiveness. Solar Energy, 86(9), pp.2263-2272.

Energystorage.org.au, (2015). Australian Energy Storage Council. [online] Available at: https://www.energystorage.org.au/ [Accessed 30 Jan. 2015].

PARKINSON, G. (2014). Energy Storage startup could allow solar homes to bypass electricity retailers - Solar Choice. [online] Solarchoice.net.au. Available at: https://www.solarchoice.net.au/blog/news/energy-storage-reposit-power-startup-allow-solar-homes-bypass-electricity-retailers-171214 [Accessed 23 Jan. 2015].

Rentzing, S. (2014). When will solar batteries become economical?. [online] SOLARENERGYSTORAGE. Available at: https://www.solarenergystorage.org/en/wann-werden-solarakkus-wirtschaftlich-2/ [Accessed 23 Jan. 2015].