Flexible generation capacity and storage are key elements of the energy transition and the continued expansion of intermittent renewable energy (RE) because they offer unparalleled flexibility to optimally deliver energy and ancillary services. Frost & Sullivan forecasts global grid-scale battery energy storage systems (BESS) to experience rapid expansion in the coming years, reaching 259.8 GW by 2030 at a compound annual growth rate of 34.2% from 2021.
As the energy transition advances, power generation portfolios and market rules become more sophisticated, making decision analysis more difficult. Traditional human control for optimizing power generation and market participation becomes ill-equipped to maximize the value of stand-alone storage or hybrid power plants. Powerful digital solutions encompassing machine-driven forecasting and optimization and trading algorithms are required for more efficient use of energy resources and to optimize the strategic and financial value of battery storage assets, both stand-alone and colocated with renewables.
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