News in cooperation with eceee.org
How stored electricity can make cleaner fuels
(Climate News Network, 21 Jul 2020) EU industry is seeking ways to save surplus power. Now it’s also hunting for methods to use that stored electricity to make green fuels.
With renewable energy now the cheapest way of mass-producing electricity, the race is on to find the best way to conserve the surplus for use at peak times, and also to use the stored electricity to develop new fuels for transport.
And European Union companies are competing to devise lucrative ways to use this cheap power just as more solar and wind energy is being produced than the market demands.
Large batteries are currently the favoured method, because they are already cost-effective when used with pumped storage. This uses cheap electricity to move water uphill into reservoirs, to be released later to drive turbines when extra electricity is needed to meet peak demand.
Both these technologies take advantage of buying power at rock-bottom prices, and make their profits by storing it – until they can sell it back at much higher prices when the peak arrives.
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