Recording of Tuesday, June 18, 2024 | The smarter E Europe 2024 | Conference Program | Language: English | Duration: 8:24 .
Julia Souder, CEO of the Long Duration Energy Storage (LDES) Council and Chair of the Global Renewables Alliance, emphasizes cooperation among six global renewable organizations—solar, wind, geothermal, hydropower, green hydrogen, and LDES—as essential for achieving decarbonization goals. She highlights that LDES plays a crucial role in this effort by encompassing various technologies such as thermal energy storage (replacing gas plants), electrochemical batteries (utilizing elements like zinc and vanadium), mechanical methods (pumped hydro and compressed air), and chemical storage (hydrogen ammonia). Souder notes significant investment growth in LDES with $4 billion invested last year alone. Countries like Chile have adapted their policies to prioritize long-duration energy storage due to its critical importance in mitigating solar curtailment issues. Other nations including Hungary, Spain—with its public-private partnership initiatives—and Greece are also investing significantly. She underscores that while these technologies are not new—they've been commercially viable for years—their necessity has only recently become apparent. Scaling up these solutions from billions to trillions is imperative for cost reduction. Currently available reports indicate promising trends: integration strategies could lower costs below $50 per megawatt hour for thermal energy storage at high renewable penetration levels. To foster broader adoption of LDES technology globally requires tailored policy incentives and diversified approaches suitable for different regions' needs—from Europe to Australia—to ensure effective deployment across varied markets. Public-private partnerships play an instrumental role here alongside innovative financial mechanisms aimed at reducing risks associated with transitioning towards more sustainable energy systems. Finally, Souder points out ongoing efforts within countries like Germany utilizing incentive programs which prove effective strategies can reshape marketplaces positively when aligned correctly with technological advancements such as AI-driven demands on grid infrastructure necessitating thoughtful risk mitigation polices around curtailment situations ensuring smoother transitions into greener futures worldwide through cooperative endeavours leveraging comprehensive portfolios combining diverse Elda's implementations thereby amplifying existing renewable targets efficiently across multiple sectors holistically integrating sustainability practices seamlessly over time ultimately benefiting both environmental objectives alongside economic interests.
Automatisierte Zusammenfassung durch AI Conver
Julia Souder
CEO
LDES Council
Belgium
Long-duration energy storage (LDES) is undoubtedly a key enabler for achieving net-zero. However, despite a wide range of technology providers claiming cost competitiveness and other advantages over lithium-ion batteries, the latter continue to dominate new deployments in Europe and elsewhere. So what's holding LDES back? What is needed to enable more widespread adoption? And when will the age of LDES finally arrive?In this panel, experts will provide an assessment of the suitability of LDES for today's market, the barriers that exist and the requirements and likely timeline for LDES to finally become mainstream.
Speaker
Dr. Oliver Schmidt
CEO
dvlp.energy
Germany
Speaker
Susan Taylor
Senior Analyst
S&P Global
Speaker
Laurent Segalen
CEO
Megawatt-X
United Kingdom
Speaker
Wilhelm Löwenhielm
Senior Director ESS
Northvolt
Sweden
Speaker
Jan Andersson
Director, Global Market Development
Sumitomo SHi FW
Finland