Importance of energy storage system in the smart grid
Recent advances in energy storage and power electronics technologies are offering promising solutions to improve the grid resilience and allow higher renewable energy penetration. Energy storage systems (ESSs) act as energy buffers to aid the operations and lifetime of the grid assets and bridge the gap between supply and demand for renewable energy generation. Currently, there are more than 650 active ESS projects around the globe with a total capacity of 3.83 GW, representing a significant market potential for companies. To that end, this chapter aims to provide a comprehensive overview and classification of ESSs, underlying technologies and working principles, current and future applications, and economic analysis.