What is an Energy Storage Device?

The Optimal Solution for Power Shortages and Effective Power Distribution

An energy storage device is a piece of equipment that utilizes energy storage technology to store electricity produced for later use. It can store electricity during off-peak periods and release energy during peak periods, mitigating fluctuations in the electrical grid and filling in the gaps in electricity demand. Not only can the government use energy storage devices, but the private sector can also install photovoltaic energy storage systems, known as customer-side energy storage, saving unused electricity to sell back to Taiwan Power Company.

The emphasis on the concept of “energy storage” arises because renewable energy is sourced from the natural environment, and regardless of the type of power generation, it may face insufficient power supply due to seasonal climate changes. Additionally, Taiwan is working towards the 2050 goal of net-zero carbon emissions by reducing the expansion of coal, oil, and nuclear power plants, which means that the electricity produced by renewable sources cannot meet the needs of businesses and households. Power outages, such as those that occurred on May 13 and May 17, 2021, were caused by factors including climate impact and poor water conditions, leading to rolling blackouts.

Moreover, not only seasonal factors affect power generation and supply, but if the allocation of electricity from renewable sources lacks a well-conceived and prepared plan, it can also result in unexpected power outages. Establishing sufficient energy storage devices to meet the demands of renewable energy power supply is crucial to avoid blackouts.

Benefit 1 of Energy Storage Devices: Carbon Reduction
In case of an emergency power demand, batteries or diesel emergency generators are mostly used for power generation. However, batteries have a limited lifespan, and diesel generation causes air pollution and noise, requires regular maintenance by manpower, and has higher electricity costs. Using energy storage devices can achieve the benefits of energy creation, conservation, storage, and carbon reduction, intelligently managing electricity production through power dispatch.

Benefit 2 of Energy Storage Devices: Maintaining Power Supply
As Taiwan is in a transitional phase of energy transformation, energy storage devices can regulate the electricity produced by renewable sources and other fuels. If there is ample sunlight and excess electricity, it can be stored; however, during continuous rain when the total power is not enough to meet demand, the previously reserved energy can be output for use, assisting in power dispatch and reducing fluctuations in the grid to prevent large-scale blackouts.

Benefit 3 of Energy Storage Devices: Promoting the Green Energy Industry
As the proportion of renewable energy gradually increases, the resilience and security of the power system become extremely important. Energy storage devices can help promote the development of the green energy industry and complement the setup of renewable energy, increasing the use of green electricity in a safe and stable manner while reducing the cost of power generation. According to the Industrial Technology Research Institute, the energy storage market was projected to reach 7.8 billion US dollars in 2021, with more energy storage system integrators joining the battle, pushing international companies to achieve net-zero emissions in supply chains and product production.

Reference: Sinopac Bank. Energy Storage Device Financing is Trending | An article to introduce you to energy storage devices and their benefits, catching the new pulse of the green energy industry. Retrieved from: https://bank.sinopac.com/sinopacBT/personal/article/eco-friendly/energy-storage.html

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