Electrical storage technology spurs novation and regulation
A recent study published in the European Economic Review demonstrates that improvements in electrical storage technology stimulate innovation not only in the renewables sector, but also in the fossil fuels electricity production. The conclusion was reached after examining patent data in electricity generation technologies from 70 countries for the past 50 years.
Researchers found out that companies which have a patent in storage technology may go on to apply for a patent in the renewable electricity production technology just as in the better development of fossil fuels technology.
Energy storage does address the intermittency of renewable energy sources which are dependent on weather conditions. But it can also save cost to fossil fuels plants by helping them meet production needs during times of high demands. In order to increase the use of renewable energy over fossil fuels and reduce carbon emissions, something more than energy storage alone is needed, like policy measures that address this issue.
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