Energy storage is a critical component of the future Smart Grid.
Peak shaving is another application of Smart Grid storage that witnesses rapid growth. Peak shaving represents the storage of energy generated or purchased in case of low demand time periods at lower prices, followed by the usage or selling of the stored energy at times of high prices and demand. Peak shaving is economically feasible if the cost of electrical grid storage is lower than that of local generation, which is the current peak shaving technique of choice for several industrial facilities.
Besides peak shaving, storage will also be the key for the efficient management of transmission capacity required for achieving global solar and wind energy goals. Energy storage will enable solar and wind power generators to supply electricity for maximum profit at peak usage periods and transfer the electricity to market through lower-capacity transmission lines. At present, sodium sulfur and lead-acid systems are widely used for peak shaving.
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