Miners could save big through energy storage
Renewables and long duration energy storage could save mining companies 76% of operating expenditure, finds report.
Driving to Net Zero Industry Through Long Duration Energy Storage concludes that long duration energy storage (LDES) and renewables could abate 99% of miners CO2 emissions.
The report from the non-profit Long Duration Energy Storage Council and management consultancy Roland Berger, finds that the four types of LDES - electrochemical, thermal, mechanical and chemical - are viable, cost effective and readily applicable options now when paired with renewable energy.
It says that up to 65% of industrial emissions could be abated by existing technologies.
Energy storage beyond ten hours can enable remote mines, data centres and other off-grid operations to run 24-7 carbon-free power.
Other key findings include are:
- For mining, LDES can replace expensive diesel fuel with more affordable renewable electricity, by storing power for when it is most needed.
- In 2023, lithium ion batteries (short-term storage) are less economically attractive, costing 6% more to decarbonise mining in comparison to LDES.
- Net savings increase to 40% by 2040, driven by rising diesel prices and declining LDES costs.