Battery Boom Aids Climate Change Battle
The fastest-expanding industrial sector on the planet is now electricity storage − a battery boom which heralds an end to the need for fossil fuels.
Billions of dollars are being invested worldwide in the developing battery boom, involving research into storage techniques to use the growing surpluses of cheap renewable energy now becoming available.
Recent developments in batteries are set to sweep aside the old arguments about renewables being intermittent, dismissing any need to continue building nuclear power plants and burning fossil fuels to act as a back-up when the wind does not blow, or the sun does not shine.
Batteries as large as the average family house and controlled by digital technology are being positioned across electricity networks. They are being charged when electricity is in surplus and therefore cheap, and the power they store is resold to the grid at a higher price during peak periods.
According to Bloomberg, around US$600 billion will be invested in large-scale batteries over the next 20 years to provide back-up to the grid and power for the expected boom in electric cars.
The cost of batteries is also expected to fall by 50% in the next decade, following the same pattern as the drop in cost of solar panels.
“The generally-held belief that there was no way to store electricity has been disproved. The battery boom means it is now just a question of finding the easiest and most economic way of doing it”
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