Navigant Research Report Shows Pairing Wind with Energy Storage Is Critical for Renewable Energy Future
Wind plus storage projects offer similar benefits as solar plus storage projects but are far less established
A new report from Navigant Research examines the use of energy storage for wind integration, covering existing and upcoming projects, the competitive landscape, and expected market growth.
The rise of combined solar plus storage projects is reshaping the energy storage industry, yet employing energy storage for wind integration has fallen far behind. Click to tweet: According to a new @NavigantRSRCH report, despite the limited number of combined wind plus storage projects, the pairing of these technologies is critical to achieving a greater reliance on renewable energy generation.
"The links between wind and energy storage projects remain far less established than storage for solar PV as a result of both technical and economic factors," says Alex Eller, senior research analyst at Navigant Research. "Although combined wind plus storage projects offer similar benefits and potential, little development has taken place thus far for these combined projects."
In order to launch more successful projects, the report recommends wind and energy storage operators invest in robust software to effectively pair the technologies with accurate wind output forecasts and market pricing. Stakeholders will also need to explore new revenue streams to address reductions or outright eliminations of subsidies for wind plants as well as maximize the use of existing transmission networks. Additionally, wind farm developers should partner early with leading storage providers to identify cost-effective sites for potential projects and viable revenue streams.
The report, Optimizing Wind Power Plants with Energy Storage, aims to provide an in-depth look at the drivers and challenges for this growing market. Specific attention is paid to the applications of energy storage for wind integration, existing and upcoming projects, the competitive landscape, and how this market is expected to grow over the next decade. Discussion of projects includes the companies involved and revenue streams being captured. An executive summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Guidehouse, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of clean, intelligent, mobile, and distributed energy. Additional information about Navigant Research can be found at www.navigantresearch.com.
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* The information contained in this press release concerning the report, Optimizing Wind Power Plants with Energy Storage, is a summary and reflects Navigant Research's current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Navigant Research nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.