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| Energy storage can help cope with fluctuations in production from variable renewable sources such as wind farms. Photo: Seenivasan Kumaravel |
The research, co-funded by the office of Chief Scientist Alan Finkel, found Australia could be a world leader in developing and exporting energy storage. However, this was being held back by a lack of effective planning, investment and incentives – partly driven by poor public knowledge of the technologies.
The report, produced by the Australian Council of Learned Academics, warned that unless storage played a greater role in the energy system, electricity costs would continue to rise and supply would become less reliable, which could severely hurt the Australian economy.
The research explored the potential of energy storage, such as home and large-scale batteries, pumped hydro and lesser-known technologies such as molten salt, compressed air and renewable hydrogen.
Electricity death spiral
Are rising electricity prices both the cause and the effect of more households converting to solar and batteries? Artist: Matt Davidson
The report, produced by the Australian Council of Learned Academics, warned that unless storage played a greater role in the energy system, electricity costs would continue to rise and supply would become less reliable, which could severely hurt the Australian economy.
The research explored the potential of energy storage, such as home and large-scale batteries, pumped hydro and lesser-known technologies such as molten salt, compressed air and renewable hydrogen.
Such technologies store energy when it is produced by variable sources, such as wind and solar, which helps cope with fluctuations in energy demand and supply, and can provide back-up power in high-demand times such as heatwaves.
The report, which included focus groups and a national survey of more than 1000 people, found public knowledge of energy storage options was largely restricted to batteries, such as those produced by electric car and energy storage company Tesla.
This lack of knowledge, as well as low consumer trust in the energy system, was "limiting uptake of storage, especially at the domestic scale", the report said.
It said households wanted a means of "future proofing against further electricity price rises" and taking control of their energy supply, but needed assurances that home battery storage systems were safe.
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| Australia's 1.8 million households with rooftop solar could store their own energy and lower bills. Photo: Justin McManus |
The researchers said Australia had abundant raw mineral resources for batteries, especially lithium, which combined with world-class technological expertise meant it "has the potential to become a world leader" in energy storage.
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| Prime Minister Malcolm Turnbull with Chief Scientist Alan Finkel. Photo: Andrew Meares |
ACOLA expert working group chairman Dr Bruce Godfrey said the report showed energy storage presented a huge opportunity for Australia but "there is work to be done to build consumer confidence".
Dr Finkel, whose office worked closely with the researchers, said energy storage "could represent a major new export industry for our nation".
ACOLA aims to present the findings to the Commonwealth Science Council, chaired by Prime Minister Malcolm Turnbull, to inform policymaking.
Links
- Alan Finkel pushes for more energy storage to keep bills down and maintain reliability
- Finkel supports Labor's 50% renewables target
- Renewables could reliably contribute 50% to power grid, says Finkel report
- Australia’s energy market: New report backs Labor’s 50 per cent renewable target
- New Finkel report finds no need to panic about energy storage
- Energy report backs Labor renewables target for 2030
- Turnbull rejects renewable energy finding
- Replacing Liddell with renewables is $1.4b cheaper than government plan: report
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