Economics Renewable Energy Economics Questions
Energy storage refers to the process of capturing and storing energy for later use. In the context of renewable energy systems, energy storage plays a crucial role in addressing the intermittent nature of renewable energy sources such as solar and wind. It allows excess energy generated during periods of high production to be stored and used during periods of low production or high demand. This helps to ensure a reliable and continuous supply of electricity, reducing the reliance on fossil fuel-based backup power sources. Energy storage also enables the integration of renewable energy into the grid, as it helps to balance supply and demand, stabilize voltage and frequency, and improve grid resilience. Additionally, energy storage can contribute to cost savings by reducing the need for expensive peak power plants and transmission infrastructure upgrades. Overall, energy storage is essential in maximizing the efficiency, reliability, and economic viability of renewable energy systems.