New GREENinMED Information Pill presents Energy Storage as a Service models
The GREENinMED project has just released a new Information Pill on Energy Storage as a Service, and its potential uses in the tourism industry. GREENinMED is a transboundary project aiming to make the Mediterranean tourism industry more sustainable through targeted actions and spread of information.
“Energy Storage as a service” (ESaaS) refers to the delivery of a service of energy storage as a new product strategy. The “As a Service” model implies purchasing for a service or an outcome instead of buying the entire product or a part of it, as it occurs for the software industry. Implementing ESaaS requires investing in an energy storage asset (such as flywheels, CAES - compressed air energy storage, BESS – Battery Energy Storage System, or other storage assets), equipped with a monitoring and management system. The operator of the ESaaS establishes service contracts with the customers, and operates the asset to respond to customer needs. For instance, an industry can reduce their electricity consumption from the grid when energy prices are high (during peak consumption periods) by using the stored energy instead. The industry will then participate in balancing variations on the electricity network, reduce their energy bill and continue to work smoothly. On the electricity network side, spreading of energy storage can improve power quality, with capacity and ancillary services. Energy storage services can also help expanding of intermittent renewable energy production (solar, wind power systems) and decrease the energy carbon footprint. For badly connected areas or when the energy grid is not reliable, energy storage can be a good option to rely on an alternative energy provider when the electricity network is off.
A model like this can make a difference in the tourism industry in improving the flexibility of service, allowing for energy and thus economic savings, improving electricity resiliency, and generating new sustainable value.
All Information Pills published by GREENinMED can be viewed in the project library.