Head of Business Analytics, Energy Storage, Lockheed Martin Energy
Enabling 100% Renewable Grids – Energy Storage Dispatchability and Duration Requirements in Australia
Caleb Waugh leads energy storage business analytics at Lockheed Martin Energy helping to guide market strategy, business development and product design for Lockheed Martin’s GridStar® Lithium and Flow battery products. As part of his role he oversees the design and implementation of high-fidelity techno-economic-financial models to evaluate emerging energy technologies and business opportunities in distributed, wholesale and microgrid applications. Caleb has conducted extensive work on project financial valuation, renewables integration, distributed asset integration, value stacking optimization, risk assessment and total cost of ownership benchmarking for energy storage projects globally.
Previously, Caleb held an internal advisory role in Lockheed Martin’s CTO’s office working to incubate and direct investment in early-stage technologies and business opportunities to drive new growth opportunities for the corporation.
Caleb holds dual graduate degrees from the Massachusetts Institute of Technology in Plasma Physics and Technology and Policy and has published and presented in many leading journals and conferences.
Over the last few years the Australian energy storage industry has seen tremendous growth in applications to reduce peak demand for residential and C&I customers, provide short-duration renewable firming and frequency regulation. However, as has been observed in many regions globally, the markets for these applications can quickly saturate. Eventually energy storage will need to provide longer duration services such as peaking capacity, reserves and bulk time shifting of solar and wind generation if it is to enable greater renewable dispatchability in the goal of 100% renewable grids.
While the past two decades have largely been about achieving mass generation of renewable electrons at low cost, the primary challenge going forward will be about how to build out, integrate and manage the onslaught of cheap renewables from a grid operations and integrated resource planning standpoint. In the Australia NEM regions, U.S. and other markets globally, we are already seeing the impact of high levels of intermittent wind and solar on market clearing prices, capacity requirements and residual demand profiles. How much storage will be required to enable high penetration of renewables in Australia and what durations will be required?
This talk will present original research from Lockheed Martin’s renewable resource grid planning model showing how the increasing penetration of solar and wind over time will impact market clearing prices, change demand profiles and drive demand for increasingly longer duration storage assets on the grid in Australia NEM regions. In addition, we will identify the cost, performance and duration requirements storage technologies will need to achieve to enable the Australia to meet 100% renewable energy objectives.