Are Energy storage solutions need of the future?

Team Veye | 23-Apr-2023 Are Energy storage solutions need of the future

Are Energy storage solutions need of the future?

Energy storage not only secures and stabilises energy supply, it is required to work on and off the grid too. Besides cross-linking the electricity, gas, industrial and transport sectors, it works in passenger and freight transportation, and in homes as ‘behind the meter’ batteries and thermal stores. Energy storage in the form of heat can also decrease the costs and emissions from industry.

Currently, energy is moved physically from one place to another through pipelines and transmission lines. Adding energy usage enables us to shift energy in time from when it is produced to its later use, similar to a natural gas storage tank or like a battery torch.

The deployment of energy storage options is needed to reach renewable energy goals and delivering transition to net zero. In view of warming at close to 1.5 degrees C, there exists an urgent need to phase out carbon-intensive energy sources and replace them with low or zero-emissions alternatives.

Though, for electrifying our households, businesses and transport, renewable energy sources are being used directly, still huge amounts of fossil-derived energy is being used for industrial processes. Alternatives, having equivalent energy-dense properties to fossil fuels need to be identified. Technology is at the fore front in shaping the energy storage landscape.

The immediate need is a combination of energy storage that is very-short-term (milliseconds to seconds) to stabilise the electricity grid and control voltage and phase, short-term (hours) to stabilise electrical energy systems and provide regular power supply, and long-term (days to years) to resupply the energy system.

The energy storage will provide more flexible, reliable and efficient energy use for consumers, besides smoothen out the supply of variable forms of renewable energy such as solar and wind power

Energy storage can help in reducing emissions while fossil fuels are replaced in the transition towards net zero emissions. There is an increasing urgency around for solutions because to operate a reliable low-carbon power system it becomes imperative to have energy storage.


Veye Pty Ltd(ABN 58 623 120 865), holds (AFSL No. 523157 ). All information provided by Veye Pty Ltd through its website, reports, and newsletters is general financial product advice only and should not be considered a personal recommendation to buy or sell any asset or security. Before acting on the advice, you should consider whether it’s appropriate to you, in light of your objectives, financial situation, or needs. You should look at the Product Disclosure Statement or other offer document associated with the security or product before making a decision on acquiring the security or product. You can refer to our Terms & Conditions and Financial Services Guide for more information. Any recommendation contained herein may not be suitable for all investors as it does not take into account your personal financial needs or investment objectives. Although Veye takes the utmost care to ensure accuracy of the content and that the information is gathered and processed from reliable resources, we strongly recommend that you seek professional advice from your financial advisor or stockbroker before making any investment decision based on any of our recommendations. All the information we share represents our views on the date of publishing as stocks are subject to real time changes and therefore may change without notice. Please remember that investments can go up and down and past performance is not necessarily indicative of future returns. We request our readers not to interpret our reports as direct recommendations. To the extent permitted by law, Veye Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss, or data corruption) (as mentioned on the website, and confirms that the employees and/or associates of Veye Pty Ltd do not hold positions in any of the financial products covered on the website on the date of publishing this report. Veye Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services.

veye logo

Grab Your Free Report On 5 ASX Dividend Stocks To Buy In 2024