In order to create the right policy environment that will unlock the potential of energy storage, and capitalise on its true cost and value benefits, a recent World Energy Council (WEC) report ‘E-storage – shifting from cost to value,’ which is the work of 23 leading industry and academic experts from across the world who are in the World Energy Council Storage Knowledge Network makes five recommendations to policymakers:
• Go beyond just costs – cheapest is not always best
• Examine storage through holistic case studies – generic cost estimates are not sufficient
• Work with operators and regulators to accelerate the development of flexible markets – often the full value of flexibility is not sufficiently recognised and monetised
• Establish supporting policies and an enabling regulatory framework to facilitate further commercial deployment of storage technologies
• Consider storage as a key component for grid expansion or extension.
In the words of Christoph Frei, Secretary General of the World Energy Council, “Energy storage is a critical catalyst of the energy transition whose benefits are still undervalued. The costs have already come down, but will have to fall further for a much broader roll-out and use in household and e-mobility. The investment community has good reason to be excited about the innovation and business models that will emerge from new opportunities.”