By Rudy Wynter, President and COO of the Wholesale Networks and U.S. Capital Delivery group, National Grid
As the cost of energy storage continues to decline, more and more utilities will turn to batteries. According to Bloomberg New Energy Finance, the levelized cost of energy for lithium-ion batteries configured to supply four hours of grid power — a standard requirement for many grid services — has fallen by 74 per cent since 2012. Costs for those batteries is projected to drop even further – by as much as 67 per cent by 2030, the National Renewable Energy Laboratory found in a recent study. Such a precipitous decline will only make storage a more valuable tool for utilities and others.