Energy Storage Ecosystem Offers Lowest-Cost Path to 100% Renewable Power
As states reach higher toward 100% renewable operation, energy storage will be key to enabling a more variable power supply. But no single technology will be a silver bullet for all our energy storage needs.
Rather, a portfolio of storage solutions makes best economic sense for future energy systems, according to a recent National Renewable Energy Laboratory (NREL) analysis titled “Optimal energy storage portfolio for high and ultrahigh carbon-free and renewable power systems,” published in Energy & Environmental Science.
“The fact is, every energy system is different, with different demand, renewable deployment, weather, etc.,” said Omar J. Guerra, NREL researcher and lead author on the paper. “We have found that energy storage enables the lowest cost of energy across different timescales and economic circumstances on high-renewable systems, which means we are looking at a combination of storage technologies for the future grid.”
Storage Technology Trade-Offs
Guerra and researchers Joshua Eichman and Paul Denholm used a custom high-resolution optimization model to compare energy storage combinations across the United States. The researchers found that geographic variation, among other factors, can drastically shape an energy storage portfolio. For example, the California Independent System Operator (CAISO) grid is solar-driven, discharging seasonal storage for around 50 days to cover winter months in the model, whereas the wind-driven Midcontinent Independent System Operator (MISO) could deploy shorter-duration seasonal storage (but still much longer than most currently deployed storage technologies) with capacity of 5–14 days.
Normalized state of charge (SOC) for short-duration (SD), long-duration (LD1 and LD2), and seasonal storage (SS) in CAISO and MISO. (a) Normalized SOC for devices on CAISO with 100% renewable energy mix. (b) Normalized SOC for devices on MISO with 100% renewable energy mix. SOC = 1 (dark red) implies that the storage device is full. SOC = 0 (light red) implies that the storage device is empty.
The storage technologies face fundamental trade-offs in efficiency and capital costs for both the power and energy component, which is exactly why multiple technologies are useful. Short-duration (intraday) storage like Li-ion batteries have higher efficiencies but also high energy-related costs, while longer-duration (daily) storage like compressed air or pumped thermal have lower energy-related costs but are less efficient.
“With very high or 100% renewable power systems, we need to be conscious of what storage mix is best for which locations or systems. The costs, including costs of avoided CO2 emissions, vary substantially with choice of storage portfolios,” Guerra said.
Storage Portfolio for 100% Renewables
The researchers produced some surprising results for ultrahigh renewable systems: As a system approaches 100% renewable operation, an increasing portion of its storage portfolio would benefit from multiple-day to seasonal storage capacity. This is because of the increasing seasonal mismatch of the remaining load and the supply of renewable resources. However, on a grid like CAISO, shorter-duration storage is more effective at smoothing the diurnal swings of solar.
As seasonal storage becomes a bigger player when nearing 100% renewable systems, another surprising strategy appears in which storage-to-storage charging becomes economically advantageous. And, as a result, renewable curtailment begins to drop because more of the renewable power can be directed to storage. These dynamics for ultrahigh renewable systems highlight how competing factors can widely affect an optimal storage portfolio.
As the CAISO (top) and MISO (bottom) systems approach 100% renewable operation, curtailment of renewables begins to decline because seasonal storage becomes cost-effective and increases the system’s storage capacity.
Impact on Power Industry
Findings from the study are imminently important for system operators, technology developers, power providers, and the wider industry. The chief message for these groups is that an ideal energy storage portfolio could look significantly different from one region to the next and will vary with the percentage of renewables. As more cities and states set clean-energy targets, stakeholders that are planning 10 or 20 years ahead should be tuned-in to the broader energy storage technology space and how it fits into their systems.
What Is Next?
Now that the researchers have established substantial cost differences in storage deployments, future work will focus on a more comprehensive assessment of the value of storage.
“We need a more holistic approach,” Guerra said. “Storage technologies are very flexible and can be used for a variety of grid services. Our next step will be to understand the full range of energy storage benefits to inform optimal storage portfolios.”
Learn more about NREL’s energy analysis and energy storage research.
Article courtesy of National Renewable Energy Laboratory (NREL).
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If you haven’t noticed, Genesis is quickly making a name for itself in the US. The luxury automaker now has 60 sales outlets as it expands into new US states. With new EVs launching, Genesis is eyeing a bigger share of the US luxury market.
Hyundai Motor Group’s Genesis brand is quietly emerging as a powerhouse in the US luxury market. Genesis marked its entry into the luxury segment in 2008 as a Hyundai-branded model.
In 2015, Hyundai announced Genesis would become an independent luxury brand. Since launching its first vehicle in the US, the luxury brand’s sales have surged from 7,000 in 2016 to over 69,000 last year. It even outsold Nissan’s Infiniti.
According to Genesis, this is just the start. The Korean luxury brand wants an even bigger slice of the market as it eyes rivals like Porsche.
A big reason behind the brand’s confidence is its new lineup of stylishly electric models. Genesis sells three EVs in the US: The GV60, Electrified G80, and Electrified GV70.
After introducing the Electrified GV70 just last year, the electric SUV is already Genesis’ top-selling EV in the US. According to Kelley Blue Book, Genesis sold 2,343 electric GV70 models in the US through September.
Genesis eyes a bigger share of the US luxury market
Altogether, the luxury brand’s EV sales reached over 4,600 through the first nine months of 2024, topping Porsche (4,291) and Volvo (3,644).
Genesis made a statement at the LA Auto Show, unveiling the updated 2026 Electrified GV70. The luxury electric SUV now includes more range and an NACS port so drivers can charge at Tesla Superchargers. It will go on sale in the first half of 2025.
Meanwhile, Genesis showcased its new GV60 Magma Concept at the event, its first dedicated high-performance EV. The brand sees its Magma performance brand rivaling that of Geman luxury brands like Mercedes AMG, BMW M, and Audi RS.
The Genesis GV60 Magma EV will launch next year, spearheading the brand’s “expansion into the realm of high-performance vehicles.”
Genesis enhanced the battery and motor while fine-tuning the chassis, thermodynamics, and profile for more power and efficiency.
It also features an aggressive new design, sitting much lower and wider than the current GV60 model. Genesis added a Magma-exclusive sound system to give it a sports car-like feel in the cockpit.
In April, we got our first look at the G80 EV Magma concept, which could be a potential challenger to Tesla’s Model S Plaid and the Porsche Taycan GT Turbo.
The luxury brand is expected to launch its flagship electric three-row SUV next year, the GV90. Genesis previewed the ultra-luxury EV in March after unveiling the Neolun concept.
Genesis now has 60 sales bases in the US, with new stores in Washington, Minnesota, New York, and Florida. It’s also building 30 in Canada as it expands its presence in the North American luxury market.
The luxury brand is opening a new dedicated design center in California. The “Genesis Design California” will open in the first half of 2025 as it builds out its US network.
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A rumor spreading like wildfire on social media claims BYD will be taking over NIO (NYSE: NIO) as the EV giant gobbles up market share in China. The rumor was posted by a suspected BYD employee, but NIO is denying the claim.
BYD acquiring NIO would be a massive move as China’s leading EV maker continues to dominate the market. But that’s not going to happen.
According to CnEVPost, NIO’s assistant vice president for branding and communications, Ma Lin, denied the rumors that BYD is taking over the company on Friday.
Ma posted a screenshot on social media asking BYD’s general manager of branding and PR, Li Yunfei if the person who posted the fake rumor was an employee.
Earlier today, the suspected employee claimed BYD and NIO were setting up a joint venture. In a Weibo post, the suspect said BYD would have majority control of the partnership with a 51% share while NIO would get the remaining 49% ownership.
Ma told Li that if it was, in fact, a BYD employee, he needed to issue an official clarification and apologize. If not, they can get the police involved together. Li also denied the rumors, saying the claim was seriously untrue.
NIO denies rumors that BYD is taking over the company
This is not the first time rumors surfaced that BYD will be taking over NIO, but because it is a suspected employee, the post has garnered more attention.
BYD is on a major hiring spree as it ramps up production to meet the higher demand. The EV giant now has over 900,000 employees, making it by far the largest A-share listed company in China.
After selling over 500,000 vehicles for the first time in a single month in October, BYD’s surge is heating up as the EV giant expands overseas for growth.
October was BYD’s fifth consecutive record sales month as it closes in on auto leaders like Ford in global deliveries.
NIO is also gaining momentum, with sales topping the 20,000 mark for the sixth straight month in October. With output of its new lower-priced Onvo L60 electric SUV ramping up, NIO expects to continue seeing higher demand.
Ma said on Friday that NIO’s “recent situation is quite good.” The company’s head of PR added, “Cash flow turned positive in the third quarter, gross profit improved in October, earning an extra RMB 100 million, and Onvo (deliveries) will exceed 10,000 in December.”
NIO is launching its third brand, Firefly, with deliveries kicking off in the first half of 2025. The company expects sales to double next year as it works to become profitable by 2026.
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Hyundai Motors is recalling 145,235 EVs and other “electrified” vehicles in the US, citing concerns about a loss of driving power, the National Highway Traffic Safety Administration (NHTSA) said on Friday.
The NHTSA announced this morning that the recall affects selected IONIQ 5 and IONIQ 6 EVs, as well as certain luxury Genesis models, including the GV60, GV70, and G80 electrified variants, from the 2022-2025 model years, Reuters reported.
It looks like the issue stems from “the integrated charging control units in these vehicles, which may become damaged and fail to charge the 12-volt battery. This malfunction could lead to a complete loss of drive power, posing safety risks for drivers,” the NHTSA stated.
If you’re an owner of one of these Hyundai models dating 2022-2025, stay tuned. Hyundai has not yet provided a timeline as to when affected vehicles will be repaired.
To make that happen, the company’s dealers will inspect and replace the charging unit and its fuse if necessary, NHTSA said. Free of charge, of course.
Importantly, no crashes, injuries, fatalities, or fires due to this issue have been reported in the US, Hyundai reported.
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