With the potential to spawn new products for both the traditional and renewable energy landscapes, the energy storage revolution is poised to change the rules for global energy markets.
Energy storage is one of the few areas with predicted massive growth potential in today's global energy markets. New energy storage technologies are emerging as environmental pressures encourage renewable energy sources like sun or wind—which can only be reliable at all times if they are paired with effective energy storage.
But the path ahead is not straightforward. Many regulations and market practices are based on outdated assumptions and prevent the full potential use of energy storage. Most regulatory and market standards were not designed with energy storage in mind, are poorly defined, create disincentives for energy storage or hamper investment and financing decisions.
This makes now the perfect time for regulators, investors, consumers—and all other energy industry participants—to think boldly about what future energy markets should look like.
Since energy storage blurs traditional lines and has multiple potential uses, visionary innovators could take full advantage of energy storage's benefits and flexibility to create completely new types of energy products that benefit our electric grids, protect our environment, lower energy costs and reduce consumer burdens. Energy innovators can brainstorm products that best fill our current and future energy needs, revise existing regulatory approaches and foster the symbiotic relationship between energy storage and renewables.
Addressing these and other issues thoughtfully in advance can help unlock the full potential of energy storage and continue to improve global energy markets.