CHARTS: EV battery metals bill sets new low as lithium, nickel, cobalt price slump continues
The raw materials bill for the average EV is now down to $510 compared to a peak of more than $1,900 at the beginning of last year.
Federation Asset Management and Edify Energy announced Monday that NSW’s largest and most advanced battery system – the 150 megawatt (MW) / 300 megawatt hour (MWh) Riverina and Darlington Point Energy Storage Systems (Riverina BESS) – is now fully operational, importing and exporting electricity at its full nameplate capacity.
The facility consists of three independent but co-located units with its output contracted to Shell Energy and EnergyAustralia for 10 years.
Riverina BESS also provides critical stabilising services to the transmission grid due to the advanced features of the Tesla Megapack systems. The battery’s output is sufficient to supply 240,000 homes with 2 hours of electricity at peak times.
Riverina BESS is a collaboration between Federation and Australian sustainable energy specialist Edify, with Federation owning a 90% interest in the project, and Edify owning the 10% balance as well as long term operational asset management of the facility.
Designed and developed by Edify, the Riverina BESS utilises Tesla Megapacks, one of the most cutting-edge battery systems within the National Electricity Market (NEM). The Megapack systems are fitted with state-of-the-art grid-forming inverters, operating in a ‘virtual synchronous generator’ mode.
This capability ensures the reliable dispatch of clean energy on demand, Edify said in a statement, adding that it also empowers the storage system to function analogously to a traditional generator, providing indispensable system strength services, facilitating the integration of clean energy power plants within the region.
The Riverina BESS is located on Wiradjuri Country, the largest Aboriginal Nation in New South Wales.
“As the nation’s aging coal plants retire, the need for energy storage becomes ever more pressing,” Stephen Panizza, co-founder and head of renewable energy at Federation said in the statement. “Advanced grid-forming batteries like the Riverina BESS are critical to extracting the maximum capacity from our existing grid infrastructure, allowing timely integration of additional wind and solar generation into the NEM while our grid infrastructure is upgraded.
“Advanced inverter technologies are a superior solution to challenges in the grid than legacy systems,” Panizza said. “Providing this solution to our electricity system will deliver benefits to energy users across the NEM. We plan to accelerate our roll-out of large scale energy storage.”
Supporting projects with a focus on batteries that offer grid-forming capability, the Australian Renewable Energy Agency provided A$6.6m in funding for the project. The NSW Government also provided A$6.5 million.
