Energy storageEnergy storage is the capture of energy produced at one time for use at a later time to reduce imbalances between energy demand and energy production. A device that stores energy is generally called an accumulator or battery. Energy comes in multiple forms including radiation, chemical, gravitational potential, electrical potential, electricity, elevated temperature, latent heat and kinetic. Energy storage involves converting energy from forms that are difficult to store to more conveniently or economically storable forms.
Cost of electricity by sourceDifferent methods of electricity generation can incur a variety of different costs, which can be divided into three general categories: 1) wholesale costs, or all costs paid by utilities associated with acquiring and distributing electricity to consumers, 2) retail costs paid by consumers, and 3) external costs, or externalities, imposed on society. Wholesale costs include initial capital, operations & maintenance (O&M), transmission, and costs of decommissioning.
Vanadium redox batteryThe vanadium redox battery (VRB), also known as the vanadium flow battery (VFB) or vanadium redox flow battery (VRFB), is a type of rechargeable flow battery. It employs vanadium ions as charge carriers. The battery uses vanadium's ability to exist in a solution in four different oxidation states to make a battery with a single electroactive element instead of two. For several reasons, including their relative bulkiness, vanadium batteries are typically used for grid energy storage, i.e.
Photovoltaic systemA photovoltaic system, also PV system or solar power system, is an electric power system designed to supply usable solar power by means of photovoltaics. It consists of an arrangement of several components, including solar panels to absorb and convert sunlight into electricity, a solar inverter to convert the output from direct to alternating current, as well as mounting, cabling, and other electrical accessories to set up a working system. It may also use a solar tracking system to improve the system's overall performance and include an integrated battery.
Pumped-storage hydroelectricityPumped-storage hydroelectricity (PSH), or pumped hydroelectric energy storage (PHES), is a type of hydroelectric energy storage used by electric power systems for load balancing. The method stores energy in the form of gravitational potential energy of water, pumped from a lower elevation reservoir to a higher elevation. Low-cost surplus off-peak electric power is typically used to run the pumps. During periods of high electrical demand, the stored water is released through turbines to produce electric power.
PhotovoltaicsPhotovoltaics (PV) is the conversion of light into electricity using semiconducting materials that exhibit the photovoltaic effect, a phenomenon studied in physics, photochemistry, and electrochemistry. The photovoltaic effect is commercially used for electricity generation and as photosensors. A photovoltaic system employs solar modules, each comprising a number of solar cells, which generate electrical power. PV installations may be ground-mounted, rooftop-mounted, wall-mounted or floating.
Photovoltaic power stationA photovoltaic power station, also known as a solar park, solar farm, or solar power plant, is a large-scale grid-connected photovoltaic power system (PV system) designed for the supply of merchant power. They are different from most building-mounted and other decentralized solar power because they supply power at the utility level, rather than to a local user or users. Utility-scale solar is sometimes used to describe this type of project.
Electricity marketIn a broad sense, an electricity market is a system that facilitates the exchange of electricity-related goods and services. During more than a century of evolution of the electric power industry, the economics of the electricity markets had undergone enormous changes for reasons ranging from the technological advances on supply and demand sides to politics and ideology.
Renewable energyRenewable energy is energy from renewable resources that are naturally replenished on a human timescale. Renewable resources include sunlight, wind, the movement of water, and geothermal heat. Although most renewable energy sources are sustainable, some are not. For example, some biomass sources are considered unsustainable at current rates of exploitation. Renewable energy is often used for electricity generation, heating and cooling.
Grid energy storageGrid energy storage (also called large-scale energy storage) is a collection of methods used for energy storage on a large scale within an electrical power grid. Electrical energy is stored during times when electricity is plentiful and inexpensive (especially from intermittent power sources such as renewable electricity from wind power, tidal power and solar power) or when demand is low, and later returned to the grid when demand is high, and electricity prices tend to be higher.
