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The Future of Energy Storage: Lithium-ion batteries is the key to capitalizing on sustainable power

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Have you realized that the electricity we consume every day is generated and consumed almost instantaneously? What if thousands of users suddenly turn on their air conditioners or heaters? How does the grid accommodate this sudden increase in load demand? Conversely, if all these loads are turned off, what will the grid do with that extra unused energy? To provide some perspective, this aggregated supply-demand mismatch can vary between 500–2000 megawatts in the Punjab region (remember, a typical water geyser consumes 2–3 kilowatts of power). This means that someone has to either absorb this extra power generation or deliver this deficit in load demand almost instantaneously.  

Add to this the increased penetration of renewable generation like solar or wind, which themselves generate power intermittently. This supply-demand mismatch is continuously regulated by the grid operator, who signs contracts with various service providers that incorporate demand response and peak shaving.  

Battery storage is an excellent solution to manage these uncertainties and regulate the supply-demand mismatch. Batteries can store excess surplus power and deliver it during times of deficit. The main advantage of lithium-ion batteries is the sharp decline in their cost. In 1991, the cost of lithium-ion batteries was $7500 per kWh of energy storage capacity. This has dropped to a mere $78 per kWh in September 2024. (Remember, the OLA S1 Pro, a commonly found EV scooter on Indian roads these days, has a battery with a capacity of 4 kWh, which can take you over 100 km when fully charged). This is an astonishing 99% drop in prices over just three decades. 

 In the times to come, we should not be surprised to see a very common Indian household equipped with a battery-enabled renewable generator, like a solar panel installed on its rooftop, generating energy for its own needs and also getting paid by the grid for charging the battery with surplus renewable generation. The electric vehicles, especially electric scooters, which will eventually replace conventional petrol-consuming two-wheelers, will have significant battery capacity when aggregated across a region. All of these EVs, when plugged in during the nighttime, can form a virtual power plant that can significantly cater to nighttime energy demand, thus decreasing our dependency on conventional fossil fuel-burning power generation. 

In a nutshell, the revolution in energy storage is here, and it is reshaping how we generate, consume, and store power. The rapidly declining price of lithium-ion batteries will make them increasingly affordable, paving the way for a future of energy that is not just sustainable but also smarter than ever. 

Dr. Vivek Deulkar is Assistant Professor at Plaksha University. 


 

 


 

Dr. Vivek Deulkar

Dr. Vivek Deulkar