Will pumped storage investment grow tenfold

Will pumped storage capacity increase by 2030?

Global pumped storage capacity from new projects is expected to increase by 7% to 9 TWh by 2030. With this growth, pumped storage capacity will remain significantly higher than the storage capacity of batteries, despite battery storage (including electric vehicles) expanding more than tenfold by 2030.

How will pumped storage work in 2021?

In 2021, China released an ambitious plan to roll out pumped storage nationwide in an effort to reduce reliance on fossil fuels. China’s momentum has allowed it to surpass Europe’s capacity for pumped storage. Systems are also being built in the United States, where legislation has spurred renewable energy projects.

Are pumped storage hydropower plants a key source of electricity storage capacity?

Pumped storage hydropower plants will remain a key source of electricity storage capacity alongside batteries. Global pumped storage capacity from new projects is expected to increase by 7% to 9 TWh by 2030.

Will pumped storage grow faster than conventional dams?

“Our data show that pumped storage is set to grow much faster than conventional dams,” said Joe Bernardi, who runs Global Energy Monitor’s hydropower tracker. “This trend is most pronounced in China, which accounts for over 80 percent of planned projects worldwide.”

What is pumped storage hydropower (PSH)?

Pumped Storage Hydropower (PSH) is the largest form of renewable energy storage, with nearly 200 GW installed capacity providing more than 90% of all long duration energy storage across the world with over 400 projects in operation. The guidance note delivers recommendations to reduce risks and enhance certainty in project development and delivery.

What is a pumped storage hydropower guidance note?

The guidance note delivers recommendations to reduce risks and enhance certainty in project development and delivery. It also equips key decision-makers with the tools to effectively guide the development of pumped storage hydropower projects and unlock crucial finance mechanisms.