The purpose of energy storage is to effectively accumulate energy that can be drawn upon later for utilisation. Energy storage helps in energy efficiency means reducing need for increased peak generation capacity. This helps in enhancing and also proves to be cost-effective. : It allows purchase of inexpensive electricity available during low demand eriods to charge the storage plant, so that the low priced energy can be sold at a later time when the price for electricity is high.
Types of Energy Storage:
Electrical Energy Storage: Capacitors, Supercapacitors, Superconducting magnetic energy storage
Mechanical Energy Storage: Compressed Air Energy Storage, Flywheel, Pumped storage hydroelectricity
Thermal Energy Storage: Molten salt batteries, solar pond, Heat pumps
Chemical Energy Storage: Hydrogen, Biofuels
Electrochemical energy Storage: Batteries, Fuel Cells