What's the Plan to Scale Up Storage?
Centre's Scheme:
Goal: Reach 4GWh BESS capacity by 2030-31
Funding: Rs.3,760 crore viability gap funding for developers
Incentive: Rs.18,100 crore production-linked incentive for advanced cell chemistry battery manufacturing
Global Trends:
Investments: $5 billion in 2022, aiming for a $150 billion market by 2030
Price Drop: Lithium-ion battery prices dropping, making BESS more viable
Where is India in Terms of Energy Storage?
Current State:
Capacity:Starting with 37MWh, aiming for more than 200GWh to meet renewable energy targets
Interest:Major firms showing interest, with a positive outlook from the International Energy Agency
How Do We Store Battery Energy?
BESS:
Function: Stores energy from renewable sources and releases it as needed, aiding in efficient energy management
Technology: Utilizes lithium-ion batteries, benefiting from their high energy density and declining prices
Why Store Energy?
Waste Reduction:
Demand-Supply Match: Ensures the energy generated does not go to waste due to low demand periods
Intelligent System: BESS uses algorithms to coordinate with the grid, deciding when to store or release energy
How Critical is BESS to a Global Green Switch?
Importance:
Grid Stability: Helps in managing the intermittent nature of renewable energy, providing grid stability
Climate Goals: Essential in reducing dependency on fossil fuels and meeting Paris Agreement objectives
This breakdown offers a simple and basic understanding of the plans, current status, and criticality of BESS in the context of India and globally,
emphasizing the role of BESS in advancing green energy initiatives and the importance of energy storage in reducing waste and enhancing grid stability.
