Energy storage, and continuous power supply
STORIES OF TRANSFORMATION: Reducing the dependence of energy grids on fossil fuels means ensuring renewables can provide the grid with power when it is needed, not just when it is being generated. Some zero emission sources can already run continuously, such as nuclear and geothermal, but others cannot.
Ensuring a continuous power supply on energy grids is crucial as the world reduces its reliance on fossil fuels. While zero-emission energy sources like nuclear and geothermal can operate consistently, renewables such as wind and solar require energy storage systems to meet demand when generation is low. UK-based Triple Point, a guest on the "Stories of Transformation" podcast, specializes in providing debt financing to UK renewable energy projects for the development and deployment of grid-scale battery energy storage systems.
Hosts Sean Brophy, the Chief Commercial Officer at Triple Point, and Jonathan Hick, Head of Energy Transition, discuss various aspects of this critical issue.
Traditional banks are withdrawing from financing these projects due to profitability considerations (1:35). The shift in financing landscape has been driven by the need for renewable energy projects to be financially viable (3:16). The podcast explores the different types of energy storage technologies available (5:00) and strategies to make the sector more financeable (7:16). Cap and floor schemes, which provide a minimum and maximum price for energy storage, play a role in stabilizing the market (9:21).
Grid connection delays are a significant challenge in the implementation of energy storage projects (11:25), as they can significantly impact the deployment timeline. Grid reforms are also important, as they influence the overall structure and operation of the energy grid (13:39). By addressing these issues, the renewable energy sector can become more financially sustainable and contribute to a cleaner energy future.
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