Global energy markets are rapidly turning away from fossil fuels towards wind and other competitively priced renewable sources. As renewables’ role in power generation expands, technology becomes an important enabler. Renewable energy hybrid solutions have significant potential to provide the efficiency and flexibility needed to accelerate the global transition to a renewables-led energy mix.
Renewable hybrid solutions combine energy generation resources and storage. The promise lies in resource complementarity, efficient plant utilization, and an ability to closer match production to consumption or remuneration. Wind, complemented by solar, has imminent potential to improve site production, increase capacity factor, and more fully utilize electrical connection infrastructure and balance of plant equipment. With the addition of storage, production deployment to system can be shifted in time to more closely match consumption and/or to meet grid requirements. Chiefly, hybrid solutions provide flexible energy production and delivery to the electrical grid. This is less important when earnings/kWh is fixed, but as remuneration schemes evolve, project return on investment may be partially or fully dependent on a fluctuating electricity market. In this case, hybrid solutions increase the ability to participate at favorable electricity prices through adaption of intermittent production to electricity market fluctuations.