Full Title: Energy Storage: Tracking the Technologies that will Transform the Power Sector
Publication Date: March 1, 2016
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The world’s population is expected to grow by two billion people by 2050 and global energy demand is expected to roughly double during the same period. Concurrently, the power sector is on the brink of a major transformation as more stakeholders look into the possibility of moving away from traditional fossil-energy-based centralized power systems towards the potential of renewable-energy- based distributed generation. However, the penetration of renewable technologies has been hampered by their costs – which are improving – and their intermittency and variability, which reduces availability and induces grid instability. Therefore, the utility industry should consider overcoming these challenges if renewables are to account for more than just a negligible portion of the global energy portfolio.