Renewable Energy and Storage
OREL Group
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Fossil fuels contain chemical energy, which is released along with various pollutants when burned. These fuels are easier to store and transport, compared to electricity which can be generated using renewable sources such as solar and wind power. That is mainly because the energy infrastructure and technologies developed since the Industrial Revolution have been largely based on the use of fossil fuels.
In the past, the global energy transition mainly revolved around the increasing use of wind and solar power. However, the adoption of renewable energy continues to expand due to various factors such as high demand, declining costs, and new incentives for clean energy. Advancements in various areas such as long-duration energy storage (LDES) and carbon capture, utilization, and storage (CCUS) have been driven by innovation. Additionally, there have been notable changes in policies and regulations associated with renewable energy. Furthermore, global crises such as the COVID-19 pandemic and the Russian invasion of Ukraine have compelled some nations to redirect their immediate energy priorities toward renewable options.
According to the Renewables 2019 report published by the International Energy Agency in November 2019, renewable energy sources are projected to generate 33% of the world’s electricity by 2024. Solar photovoltaic (PV) is expected to make up almost 60% (or at least 697 gigawatts) of this growth, followed by onshore wind (309 GW), hydropower (121 GW), offshore wind (43 GW), and bioenergy (41 GW).
Factors such as significantly reduced production costs, climate change concerns, evolving global energy policies, and increasing investor pressure on companies to adopt environmental social governance (ESG) policies are driving the mainstream adoption of renewable energy sources. We can already see how that shifting commitment has driven positive change across the sustainable energy ecosystem, with prices of zero-carbon energy technologies steadily decreasing. The global average price of solar photovoltaic modules has drastically decreased over the last half-century, from USD 115.28 per watt generated in 1975 to just USD 0.20 per watt in 2023.
Production capacity is not the only obstacle when shifting to renewable energy. Power plants need to be connected to a grid that can accommodate the growing production capacity. To ensure a reliable power supply, promote the uptake of renewables, and reduce the costs of electricity transmission, households can be encouraged to adjust their energy consumption to match production levels. This is possible with dynamic pricing (which involves variable rates depending on the time of the day). In times of excess production, consumers can get almost free electricity (to charge electric cars, for example).
Moreover, renewable energy can also enhance energy security and diminish dependence on imported fossil fuels. In numerous developing nations, there are limited local energy resources, resulting in substantial reliance on imported oil, gas, and coal. This dependence can lead to exposure to price volatility, supply disruptions, and geopolitical risks. Renewable energy is an accessible domestic resource that can lower or eliminate such exposure.
Furthermore, renewable energy can help in improving access to energy in rural areas. In many developing countries, a significant portion of the population lives in remote, off-grid areas, where connecting to the national electricity grid is often difficult and expensive. Renewable energy systems, such as solar home systems, mini-grids, and micro-hydro systems, can provide affordable and reliable energy to those communities, improving their quality of life and supporting economic development.
But still, there is a missing piece in the puzzle. How do we consistently supply renewable energy to power homes and industries? Our current energy network lacks the infrastructure to store excess generation of electricity. Battery energy storage is essential for making the most of the renewable power generated, as it stores energy to be used at a later time.
Energy storage systems can guarantee electricity when the sun does not shine or the wind does not blow. The government and industry can encourage the development of energy storage systems by removing the friction involved in making these facilities available to the public. Subsidies and grants can instil the appetite for this infrastructure, and planning policy reforms can accelerate approvals for energy storage sites.
A clean energy network must and will be part of our future. We are already on the way to achieving it, but there is still work to be done to make robust renewable infrastructure a reality. Battery energy storage systems are an essential investment in this regard.
There are several renewable energy initiatives developing countries can implement:
1. Develop a national renewable energy strategy: A comprehensive national strategy can help in guiding the transition to renewable energy and provide a roadmap for investment and development.
2. Create a favorable policy environment: Governments can create policies and incentives that encourage investment in renewable energy (e.g.: tax breaks, feed-in tariffs, and subsidies).
3. Encourage private sector investment: By working with the private sector, governments can encourage investment in renewable energy projects and create opportunities for public-private partnerships.
4. Build local capacity: Local capacity in renewable energy can be built by training local technicians and engineers, establishing research centres and educational programs, and promoting technology transfer.
At Orel Corporation, a leading technology-led manufacturer and a Sri Lankan multinational conglomerate, our primary goal is to promote renewable energy solutions and related products. Our focus encompasses energy generation and storage—while utilizing the latest and most advanced technologies. This entails identifying, assessing feasibility, and executing potential renewable energy projects (such as solar panels, wind turbines, and geothermal systems).
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We are exploring investment opportunities to develop new technologies, such as lithium-ion batteries, that offer greater efficiency and cost-effectiveness compared to traditional counterparts. These innovations have the potential to revolutionize the energy sector and facilitate the widespread adoption of renewable energy. We are also investing in other related products like electric vehicles (EVs). EVs can significantly reduce carbon emissions; therefore, we have been actively developing EVs and the requisite infrastructure, such as charging stations and related software.
No technology is perfect. Renewable energy possesses drawbacks too:
For example, wind farms are effective only in certain locations where the weather conditions produce wind.
Both manufacturing and installation require significant investment, and the return on investment is not immediate.
Energy farms can affect daily lives and wildlife in the areas where renewable energy-generating plants are installed.
More research, investment, and time are needed for a complete transition to renewable energy.
The lifespan of equipment is considerably short and the manufacturing process emits greenhouse gases (e.g.: the lifespan of a wind turbine is only about 20 years).
Renewable energy unlocks the potential for humanity to enjoy clean energy. It can lead us to economic growth, independence, and stability. It can also reduce the impact of human activities on the environment and minimize climate change before it is too late. The transition to renewable energy resources might be challenging and expensive. However, most experts agree that the advantages of green energy outweigh the drawbacks. Besides, since technology is continuously evolving, we will be able to overcome most limitations in no time.