The 2024 Annual Report by the Long Duration Energy Storage (LDES) Council emphasizes the critical role of LDES in achieving global decarbonization and supporting the energy transition. It highlights four key findings: LDES is essential for integrating variable renewable energy (VRE) and decarbonizing energy systems, including power and industrial heat; it must scale 50 times faster to meet the projected 8 TW capacity needed by 2040; a vibrant community of technology providers and partners is driving momentum; and seven enablers, such as policy support and market access, are crucial for large-scale deployment. The report underscores that LDES can enhance grid stability, reduce costs by up to $540 billion annually, and support energy security by minimizing reliance on fossil fuels.
The report details the diverse applications of LDES technologies—electrochemical, mechanical, thermal, and chemical—which store energy for eight hours or more, addressing needs from grid-scale power to industrial heat and hydrogen production. It provides a global deployment snapshot, noting 120 GW of installed capacity (mostly pumped hydro) and a projected 222 GW by 2035, far below the 1 TW target by 2030 and 8 TW by 2040 required for net-zero goals. Regional efforts, such as procurement targets in California, New York, and Italy, and innovative projects like green hydrogen storage in the U.S. and Saudi Arabia, demonstrate growing momentum, though barriers like funding and regulatory challenges persist.
To accelerate LDES deployment, the report proposes a checklist for stakeholders, including policymakers setting clear targets, regulators reforming grid pricing, and technology providers reducing costs by up to 60% by 2030. It advocates for mechanisms like the UK’s Cap and Floor scheme to ensure long-term revenue visibility and calls for a global 1.5 TW storage target by 2030 to align with COP28 renewable energy goals. The LDES Council emphasizes collaboration with global partners like the Global Renewables Alliance to drive innovation, standardize technologies, and create a supportive policy environment, ensuring LDES plays a pivotal role in a sustainable, resilient energy future.