Topical: V - a far-reaching solution to energy challenges FRANK SPENCER: Vanadium: a far-reaching solution to energy challenges
29 August 2022 - 16:58 Frank Spencer
SA is home to 25% of the world’s vanadium reserves and has long been a source of the mineral that is used extensively in high-strength steel production. This mineral could become essential as part of a transition to a cleaner energy mix, as it can also be used in vanadium redox flow batteries (VRFBs), which are ideal for reliable long duration storage battery systems.
The key component in a VRFB is the vanadium in the electrolyte, which can comprise 40% or more of the total battery electricity storage system (Bess) commercial value. According to the World Bank, by 2050 vanadium demand for energy storage alone will be nearly twice the current market for the mineral. Based on Guidehouse Insights Research’s forecast for VRFBs, by the end of the decade up to 50% of vanadium demand could come from storage.
Energy storage systems offer immense opportunities for greater efficiencies, as illustrated by the examples below:
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Solar photovoltaic produces most power when the sun is at it brightest (around midday). However, time-of-use tariffs are usually low at these times. By installing energy storage coupled with additional solar it is possible to save the excess energy produced at this time for use during peak periods, when electricity tariffs are higher and the sun has gone down.
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Energy storage systems can be used to cover variations in renewable generation and/or load, thereby allowing traditional generation to run at constant high load factors without challenging, rapid changes in demand or low efficiencies. This is true of both utilities with traditional generation such as coal or nuclear, and commercial operations that operate predominantly on diesel generators.
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Long duration storage can also help defer large investments into transmission and distribution infrastructure such as substations, and high-voltage long distance overhead lines. Much like highways, power lines are only “congested” for a few hours each day and thus are underutilised most of the time. Storage can even out the times when electricity is transmitted each day by allowing more efficient use of existing infrastructure.
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Vanadium taps into a new and fast-growing market that will yield fruitful benefits — to the economy, the environment and to the livelihoods of many. This market is going to grow. But it will grow faster and deeper with the right kind of regulatory approaches.
https://www.businesslive.co.za/bd/opinion/2022-08-29-frank-spencer-vanadium-a-far-reaching-solution-to-energy-challenges/