In 2018 many governments pledged to make cities 100% renewable. Solar and wind energy will be the main drivers of this push toward renewable energy. Solar and wind power capacities are expected to increase about another 900 GW across the world by 2023 (IEA, 2018). This is double the current capacity (IRENA, 2018).
Reliance on intermittent energy sources is problematic –power cannot be generated when it is needed. Batteries enable power generated by intermittent energy sources (typically during non-peak hours) to be stored for use or sale during peak load. Without batteries, wind and solar power generation that exceeds the demand would have to be transmitted for sale elsewhere or curtailed. This wastes the total potential power wind or solar farms can generate and hence wastes potential revenue. These reasons are some of the biggest factors to consider in order for solar and wind to reach the goal of 100% renewable energy.
US Investment in storage is expected to double to USD 973 million in 2019 and double again in 2020 (GTM, 2019). A methodological way to manage battery assets needs to be adopted in the rush to implement batteries. Here are some factors that are worth considering for battery asset management.
Capacity and Power Rating
The amount of electricity a battery can store is its capacity –measured in kWh. This metric is paired with the battery’s Power Rating. Power Rating indicates how much power a battery can provide at a given moment. This is measured in kW. Batteries can be designed with a high capacity and a low power rating to supply minimal power to crucial functions over a long period. Vice-versa, it can provide a short burst for high demand periods. Applying different types of batteries would be crucial to managing peak load.
The lifespan of a battery is determined by its composition. Whichever you choose its ability to hold a charge will gradually decrease the more cycles it goes through. Using 100% of a battery’s charge will significantly shorten its lifespan.
Depth of Discharge (DoD) is the most relevant metric here. It refers to the percentage of a battery’s capacity that has been used. The maximum DoD for optimal performance is typically specified by the manufacturer. Batteries should be recharged before reaching the maximum DoD.
The manufacturer’s warranty can also provide information about a battery’s degradation under optimal conditions. A battery may be warranted for a specified number of cycles or period at some percentage of its original capacity. This means that at the end of the warranty, the battery is expected to retain the specified percentage of its original capacity.
The amount of power that goes into a battery to charge it is greater than the amount it can supply. Round-trip efficiency is the ratio between the power used to charge a battery to the amount it supplies from the charge. It enables you to determine how efficient the battery is and, ergo how economical it is.
Learn more about pairing solar with storage.
Energy storage asset management is just budding with the rise of its demand and viability. Determining how battery assets will be managed before they are deployed will save a lot of frustration and costs. We hope these factors will help in your consideration for designing a methodological process to manage these assets.
EnergySage (January, 2019). How to choose the best battery for a solar energy system. EnergySage Retrieved from: https://www.energysage.com/solar/solar-energy-storage/what-are-the-best-batteries-for-solar-panels/
International Energy Agency (IEA). (October, 2018). Market report series: renewables 2018 –analysis and forecast to 2023. Retrieved from: https://www.iea.org/renewables2018/power/
International Renewable Energy Agency (IRENA). (March, 2018). Renewable capacity statistics. Retrieved from: https://www.irena.org/publications/2018/Mar/Renewable-Capacity-Statistics-2018
Spector, J. (January, 2019). Trends to watch in the energy transformation of 2019. Green Tech Media (GTM). Retrieved from: https://www.greentechmedia.com/articles/read/four-trends-to-watch-in-the-energy-transformation-of-2019#gs.1h6yQ6bx
You can further improve and optimise your asset management process with the use of asset management software such as Arbox HAP®. Hap consolidates commercial, technical, and financial asset management into a single platform. The integrated centralised data repository makes monitoring of these interconnected KPIs quick and accessible through automation.
Contact us to learn more about features we’re integrating to accommodate energy storage asset management.