The market for energy storage is rapidly growing and evolving. Energy storage has the potential to address the challenge of renewable energy intermittency and accelerate deep decarbonization of the power sector. Energy storage is unique in that it can serve multiple segments of the power market value stack including capacity, energy, and ancillary services with rapid response times.
Renew Power engaged the Capstone team at Columbia University to provide input on five key deliverables to further inform their team:
- Identification of ESS solutions available in the market today with in-depth analysis of the financial models for various ESS technology with recommendations for the Indian market;
- Identification of key learnings from existing ancillary markets for companies like ReNew Power;
- Review of case studies for solar / wind hybrid projects with ESS from across the globe;
- Mapping the trend of evolution in storage technologies over next 5 years;
- Analysis of the levelized cost of energy (LCOE) for storage options.
To address these five deliverables the Capstone team completed research to identify key drivers of energy storage implementation in the CAISO, ERCOT, NYISO, PJM and AUS markets to provide recommendations to support ESS implementation in the Indian market. The team also completed a case study review of utility scale hybrid ESS projects that are both operating today and under development. Additionally, the team completed research to better understand the ESS technologies that are currently driving the market as well as several emerging technologies that are under development. As a final deliverable, the team completed research and analysis of ESS CAPEX and OPEX inputs to build an indicative LCOE cost model.