The next disruptive technology in the power industry: Nickel Hydride No. 5 energy storage

As the electronics market and demand for electric vehicles (EVs) grow, the value of Nickel Hydride No. 5 storage is also rising rapidly. Many manufacturers in Asia, Europe and the United States are expanding lithium-ion Nickel Hydride No. 5 manufacturing to meet the needs of the electric vehicle industry and other power applications. With the exploration of low-cost Nickel Hydride No. 5 manufacturing and technological progress, the manufacturing cost of Nickel Hydride No. 5 packs was nearly $1,000 per kilowatt-hour in 2010, but fell to $230 in 2016. McKinsey's research found that for many commercial customers, the current storage cost is already very economical and can effectively reduce their peak consumption levels. At the same time, at the current low price, energy storage is beginning to play a wider role in the energy market, expanding from simple grid balancing to a wider range of uses, such as providing power quality services and supporting the grid connection of renewable energy. In addition, combining solar energy with energy storage allows household units to generate, store and consume electricity on demand, rather than constantly importing or exporting electricity to the grid, which will bring greater convenience to more solar users. In this McKinsey report titled "Nickel Hydride No. 5 Storage: The Next Disruptive Technology in the Power Industry", we will discuss how energy storage technology will change the operation of power markets, the way customers consume and produce electricity, and the role of utilities and third parties as these trends develop. The report mainly analyzes the development of energy storage in Europe and the United States, and there may be more possibilities in other countries and regions. Energy storage equipment can be deployed in the power grid or in the homes or businesses of individual consumers. Due to its inherent complexity, the economics of energy storage technology are affected by customer type, location, grid demand, regulations, load conditions, rate structure, and the nature of the application. It also has unique flexibility to stack value streams and change their scheduling to meet different demand conditions for an hour or even a year. These value streams are growing in value and market size. Energy storage technology can also help solve the problem of planning and operating the power grid in markets where load is expected to be flat or declining, thereby benefiting utilities. For example, regulators in some US states are testing new compensation models to provide distributed generation projects to get returns by giving utilities incentives. This will also help utilities postpone expensive new investments and reduce the risk that long-term capital projects are not used. Utilities can purchase energy storage to meet long-term regulatory requirements and short-term power needs. As the cost of energy storage falls, these projects will continue to reduce the cost of generation, thereby lowering consumers' electricity bills and putting further pressure on existing conventional natural gas and coal generation. Utilities must understand low-cost energy storage technology and adjust themselves in two ways: First, they should redesign their compensation structures to explore new opportunities. Regulators and utilities need to find new ways to recover their investments in the grid. The grid is a long-lived asset that is expensive to build and maintain. Consumers don't like fixed fees for grid access. However, imposing a fixed fee ensures that everyone who uses the grid pays, and people are used to paying for the energy they use. But as more customers generate their own energy, grid access for reliability and market access becomes more valuable than the electricity itself. Because any rate design changes are slow and incremental, especially those that transition to fixed fees, utilities need to try to realize new market ideas by capturing new revenue opportunities from expanded services and new transaction fees. In Australia, utilities are offering consulting services to solar and storage installers; in the U.S. there is a new pilot program to sell advanced analytics and data management services to consumers to help them manage their energy use, and utilities in several states are also exploring new services and investing in grid modernization and electrification. Second, utilities also need to rethink grid system planning. To fundamentally change the approach to grid system planning, utilities need to invest in sophisticated analytical software and advanced algorithms to modernize the grid. This requires abandoning traditional system planning methods, rethinking codes and standards, moving to circuit node planning, and adopting asset health assessments to ensure the highest priority needs to address system problems.

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