{"id":21294,"date":"2025-03-05T12:10:58","date_gmt":"2025-03-05T17:10:58","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-us\/?p=21294"},"modified":"2025-03-05T12:10:59","modified_gmt":"2025-03-05T17:10:59","slug":"power-storage-and-electrification-a-revolution","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/power-storage-and-electrification-a-revolution","title":{"rendered":"Power, storage, and electrification: A revolution"},"content":{"rendered":"\n<div class=\"well b-blue-tint-4 mb-4\">\n      <h2 class=\"h6\">Key points<\/h2>\n      <ul class=\"list-spaced\">\n        <li>\n          New technologies are driving both rapid growth in electricity demand\n          and innovations in renewable energy supply.\n        <\/li>\n        <li>\n          The electrification of industrial processes is gaining momentum as\n          renewable power becomes cheaper and more reliable.\n        <\/li>\n        <li>\n          Energy security is an important theme as economies seek to diversify\n          beyond fossil fuel dependence.\n        <\/li>\n      <\/ul>\n    <\/div>\n    <!-- ########################### -->\n    <p>\n      The ongoing steep decline in the costs of renewable electric power, now in\n      its second decade, promises more abundant, cheaper supplies of electricity\n      in the years to come. Meanwhile, the rapid pace of innovation in storage\n      and electrification is opening up important possibilities for harnessing\n      all that cheap electric power.\n    <\/p>\n    <p>\n      Electric vehicles and artificial intelligence (AI) are the poster children\n      for new technologies that have a growing thirst for economical\n      electricity. Less often considered, but arguably just as important, are\n      basic industries\u2014notably cement, chemicals, and steel\u2014for which cheap\n      electric power offers opportunities to significantly reduce both input and\n      processing costs.\n    <\/p>\n    <p>\n      We expect some of the most intriguing innovations that appear set to\n      transform heavy industry will present a number of investable\n      opportunities.\n    <\/p>\n    <!-- CALLOUT -->\n    <div class=\"well mt-2 mb-3\">\n      <p>\n        For more on major trends we see shaping the future including renewable\n        energy and&nbsp;electrification, please see the Global Insight 2025\n        Outlook focus article  <a\n        href=\"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/the-unstoppables\"\n        title=\"The Unstoppables\"\n        >The&nbsp;\u201cUnstoppables\u201d<\/a\n      >.\n      <\/p>\n    <\/div>\n    <!-- SECTION -->\n    <h2>Power: satisfying a growing appetite<\/h2>\n    <p>\n      The rapid proliferation of wind farms, solar collectors, and now storage\n      systems has driven the cost of renewable power (without subsidies) down to\n      levels that already make renewables the least expensive energy sources in\n      many countries, as we detailed in our 2025 Global Outlook focus article\n      The \u201cUnstoppables\u201d. The cost of electricity from renewables has fallen to levels that seemed\n      unimaginable just a decade ago.\n    <\/p>\n    <!-- EX 1 -->\n    <h3>Solar and onshore wind are now the cheapest electricity sources<\/h3>\n    <h4>Global levelized cost of electricity per megawatt-hour<\/h4>\n    <div class=\"row mb-4\">\n      <div class=\"col-lg-10 col-md-8 col-sm-8 col-xs-10 col-xxs-12\">\n        <img decoding=\"async\"\n          src=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/global\/power-storage-electrification-en-chart-1.png\"\n          alt=\"Global levelized cost of electricity per megawatt-hour\"\n          class=\"img-fluid mb-1-half\"\n          aria-describedby=\"chart1desc\"\n        \/>\n        <p class=\"sr-only\" id=\"chart1desc\">\n          The line chart shows the all-in cost of operating generation assets\n          which use coal, natural gas, onshore wind, and solar, over the period\n          2009 to 2023. Solar costs decreased from above $400 per megawatt-hour\n          in 2009 to less than $50 in 2023. The cost of offshore wind power rose\n          from roughly $220 in 2009 to $270 in 2013, but then decreased steadily\n          to approximately $75 per megawatt-hour in 2023. Onshore wind costs\n          fell steadily from roughly $125 to $40 per megawatt-hour. The costs of\n          coal and gas power have remained fairly consistent or risen moderately\n          since 2014 (the first year data was available).\n        <\/p>\n        <ul class=\"rbc-legend\">\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-sun\">\n              <div\n                class=\"rbc-legend-circle rbc-legend-outline b-sun c-white\"\n              ><\/div>\n            <\/div>\n            Solar\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-blue-tint-2\">\n              <div\n                class=\"rbc-legend-square rbc-legend-outline b-rbc-blue c-white\"\n              ><\/div>\n            <\/div>\n            Wind (offshore)\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-rbc-blue\">\n              <div\n                style=\"transform: rotate(45deg)\"\n                class=\"rbc-legend-square rbc-legend-outline b-blue-tint-2 c-white\"\n              ><\/div>\n            <\/div>\n            Wind (onshore)\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line rbc-legend-dashed c-warm-grey\"><\/div>\n            Combined cycle gas turbine\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line rbc-legend-dashed c-slate\"><\/div>\n            Coal\n          <\/li>\n        <\/ul>\n        <p class=\"footnote\">\n          The LCOE is the long term breakeven price a power project needs to\n          recoup all costs and meet the required rate of return. LCOEs do not\n          include subsidies.\n        <\/p>\n        <p class=\"disclaimer\">\n          Source &#8211; BloombergNEF; data not available for coal and gas plants\n          prior to 2014\n        <\/p>\n      <\/div>\n    <\/div>\n    <p>\n      The International Energy Agency (IEA) estimates that the installed power\n      generation capacity of renewables reached a record 666 gigawatts (GW) in\n      2024, a remarkable 30 percent increase from 2023. By 2030, the IEA\n      estimates global renewable energy capacity could increase 2.7 times.\n      Annual worldwide installation of new solar power generation plants has\n      routinely exceeded the IEA\u2019s forward estimates over the past decade,\n      sometimes by 100 percent or more.\n    <\/p>\n    <p>\n      This remarkable growth is being driven not only by cost advantages, but\n      also by the world\u2019s ever-growing appetite for electricity. This demand is\n      likely to accelerate in the future, with a major contributor being\n      electricity consumption by more and larger data centres. Mostly owned by\n      major technology companies, data centres consume vast amounts of energy,\n      particularly when training and deploying AI models. For example, it takes\n      10 times more power to complete an AI chatbot request than a Google\n      search.\n    <\/p>\n    <p>\n      In the U.S., more than one-third of new electricity demand between 2022\n      and 2026 is expected to come from data centre expansion. According to the\n      IEA, these facilities will likely leap from consuming four percent of all\n      electricity in the U.S. in 2022 to six percent in just four years. That\n      extra two percentage points may not seem like much, but it is equivalent\n      to an average annual growth rate of 10 percent\u2014a rate of expansion that\n      could outpace the development of energy infrastructure, with consequences\n      conceivably including more frequent power outages.\n    <\/p>\n    <!-- EX 2 -->\n    <h3>Data centre electricity consumption is rising rapidly<\/h3>\n    <h4>Estimated data centre electricity consumption (terawatt-hours)<\/h4>\n    <div class=\"row mb-4\">\n      <div class=\"col-lg-10 col-md-8 col-sm-8 col-xs-10 col-xxs-12\">\n        <img decoding=\"async\"\n          src=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/global\/power-storage-electrification-en-chart-2.png\"\n          alt=\"Estimated data centre electricity consumption\"\n          class=\"img-fluid mb-1-half\"\n          aria-describedby=\"chart2desc\"\n        \/>\n        <p class=\"sr-only\" id=\"chart2desc\">\n          The column chart compares estimated energy consumption of data centres\n          in 2022 and 2026 for the United States, the European Union, and China.\n          U.S. data centre energy use is projected to rise from 200\n          terawatt-hours in 2022 to 260 in 2026. In the EU, consumption is\n          projected to rise from 100 terawatt-hours in 2022 to 150\n          terawatt-hours in 2026. In China, consumption is projected to rise\n          from 200 terawatt-hours in 2022 to 300 terawatt-hours in 2026.\n        <\/p>\n        <ul class=\"rbc-legend rbc-legend-inline\">\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-bar c-dark-blue-tint-1\"><\/div>\n            2022\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-bar c-tundra\"><\/div>\n            2026\n          <\/li>\n        <\/ul>\n        <p class=\"footnote\">A terawatt is 1 trillion watts.<\/p>\n        <p class=\"disclaimer\">Source &#8211; RBC Wealth Management, Statista<\/p>\n      <\/div>\n    <\/div>\n    <p>\n      The U.S. government\u2019s decision to abandon federal climate goals has\n      weakened corporate commitments to green initiatives. Many technology\n      companies are reverting or trying to revert to fossil fuels, but remain\n      committed to renewables owing to their low costs as energy demand rises.\n      Some companies are also exploring nuclear power as an additional source of\n      reliable energy over the long term.\n    <\/p>\n    <p>\n      At first glance, nuclear appears well suited to the needs of data centres\n      as it provides highly reliable, clean energy 24 hours a day. However,\n      building new nuclear plants not only involves substantial investment but\n      also typically entails long delays and cost overruns, exacerbated by the\n      dearth of nuclear expertise after the industry fell out of favor for\n      security reasons at the turn of the century.\n    <\/p>\n    <p>\n      One emerging approach that aims to overcome these challenges is the Small\n      Modular Reactor (SMR). These advanced reactor designs, which generate a\n      fraction of the power produced by traditional nuclear power plants, are\n      intended to be built in factories and assembled on site to meet customers\u2019\n      specific needs.\n    <\/p>\n    <!-- BOX -->\n    <div class=\"well b-blue-tint-4 my-3\">\n      <h3>Companies are seeking to diversify their energy sources<\/h3>\n      <p>\n        Microsoft is a case in point. The company now anticipates that by 2030\n        it will need over five times more electricity than it had projected in\n        2020. It has signed a multi-billion-dollar deal with Brookfield\n        Renewable Partners that will facilitate more than 10.5 gigawatts of\n        power generation starting in 2026, largely derived from solar and wind.\n        It will also purchase power from Constellation Energy, which plans to\n        restart the Three Mile Island nuclear plant in the U.S. Moreover, the\n        company created the role of Director of Nuclear Technologies in 2024 to\n        oversee the development of Small Modular Reactor systems for data\n        centres.\n      <\/p>\n    <\/div>\n    <!-- SECTION -->\n    <h2>Storage: solving the variability problem<\/h2>\n    <p>\n      If lower costs have been behind the proliferation of renewable capacity,\n      equally important to the overall energy picture have been technological\n      advancements that address the intermittent nature of wind and solar power.\n    <\/p>\n    <p>\n      Technical, managerial, and systems-engineering changes have improved\n      traditional grids to accommodate renewable sources. In particular, the\n      rapid expansion of facilities capable of storing enough electricity to\n      compensate for the natural variability in renewable energy production has\n      become a game changer. These so-called grid-scale batteries are\n      electrochemical devices that collect energy from the grid, store it, and\n      release it later to provide power when it is needed.\n    <\/p>\n    <p>\n      Beyond the obvious need to harness intermittent renewable energy sources,\n      rapidly decreasing battery prices are contributing to this growth. The\n      price of stationary lithium-ion batteries per kilowatt-hour of storage\n      dropped by some 40 percent between 2020 and 2023 according to\n      BloombergNEF.\n    <\/p>\n    <p>\n      The IEA has identified grid-scale storage as the fastest-growing energy\n      technology. It estimates some 80 GW of new capacity will have been added\n      in the three years to 2025, or eight times the capacity expansion in the\n      decade to 2020.\n    <\/p>\n    <p>\n      Like electricity generation, the electricity storage category is being\n      broadened by innovation. Sodium-ion batteries in particular have shown\n      promise. Because sodium is a very abundant element, these batteries pose\n      fewer supply chain risks and are also less susceptible to geopolitical\n      tensions than lithium, an element derived from minerals concentrated in a\n      few politically volatile regions.\n    <\/p>\n    <!-- CALLOUT -->\n    <div class=\"well my-2\">\n      <p>\n        For more on the supply chain risks associated with minerals that have\n        key roles in the energy transition, please see the Global Insight\n        special report \u201c<a\n          href=\"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/mission-critical-securing-supply-of-critical-minerals\"\n          title=\"Mission critical: Securing supply of critical minerals\"\n          >Mission critical: Securing supply of critical minerals<\/a\n        >\u201d.\n      <\/p>\n    <\/div>\n    <p>\n      Besides being cheaper to produce than lithium-ion batteries, another\n      potential advantage of sodium-ion batteries is that they are less\n      flammable, which reduces fire risks and results in lower insurance\n      premiums for users. This benefit should not be underestimated; in 2021 and\n      2023, fires damaged two grid-scale battery facilities operated by Tesla in\n      Australia. More recently, in January 2025, a fire at the world\u2019s largest\n      battery storage plant in California destroyed 300 megawatts of lithium\n      battery storage, clipping two percent off the state\u2019s total energy storage\n      capacity.\n    <\/p>\n    <p>\n      Sodium-ion battery technology is now under active development around the\n      world. Chinese battery manufacturer Contemporary Amperex Technology\n      Limited (CATL) recently announced a sodium-ion battery capable of\n      functioning at -40\u00b0C, an important attribute for colder climates. In the\n      U.S., private company Natron Energy, backed by oil giant Chevron, is\n      investing $1.4 billion to establish a sodium-ion battery factory in North\n      Carolina.\n    <\/p>\n    <p>\n      The IEA estimates sodium ion batteries will make up 10 percent of all\n      energy storage installed in five years\u2019 time.\n    <\/p>\n    <!-- SECTION -->\n    <h2>Electrification of industry: heating things up<\/h2>\n    <p>\n      The electrification of basic industries has long been deemed unfeasible\n      based on the belief that electrical furnaces couldn\u2019t produce heat high\n      enough for many industrial processes to take place. However, recent\n      innovations have overcome many of these limitations, enabling the\n      electrification of processes that were previously the sole remit of fossil\n      fuels, such as the calcination process in cement production.\n    <\/p>\n    <p>\n      In his book <em>Zero-Carbon Industry<\/em>, Jeffrey Rissman explains that\n      electrification of industrial processes should be viewed in terms of the\n      <em>cost-effective replacement<\/em> of fuel-based processes with\n      electrified alternatives. In the age of energy security , this objective\n      is particularly important for countries aiming to reduce their dependence\n      on imported fossil fuels.\n    <\/p>\n    <!-- CALLOUT -->\n    <div class=\"well my-2\">\n      <p>\n        For more on the growing global importance of energy security, please see\n        the Global Insight special report \u201c<a\n          href=\"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/recharging-the-energy-transition\"\n          title=\"Recharging the energy transition?\"\n          >Recharging the energy transition?<\/a\n        >\u201d\n      <\/p>\n    <\/div>\n    <p>\n      Rissman points out that the electrification of industry largely boils down\n      to a question of how to produce heat from electricity, as heat accounts\n      for more than 90 percent of U.S. fuel use for industrial processes\n      (excluding raw materials), according to the U.S. Energy Information\n      Administration.\n    <\/p>\n    <p>\n      Moreover, he estimates that less half the heat for industrial processes is\n      for applications below 500\u00b0C. For example, the food and pulp &amp; paper\n      industries rely on processes that require temperatures of 200\u00b0C or less.\n      Cement kilns, by contrast, need to reach temperatures of 1300\u20131450\u00b0C, and\n      steelmaking blast furnaces operate at 1600\u20131800\u00b0C.\n    <\/p>\n    <p>\n      For processes that require less extreme heat, such as those in the food,\n      pulp &amp; paper, or even pharmaceutical and textile industries, heat\n      pumps have emerged as an alternative. Increasingly used for domestic\n      heating, heat pumps act as reverse refrigerators, taking heat from outside\n      and moving it inside. They are energy efficient as they do not produce new\n      heat but merely move it, delivering substantial energy savings.\n    <\/p>\n    <p>\n      Industrial heat pumps are in use in Europe and Japan, two regions where\n      electricity prices are low compared to natural gas prices. Japan\u2019s Kobe\n      Steel, for instance, sells industrial heat pumps that produce steam at\n      165\u00b0C. Subsidies and policy incentives have helped the take-up of this new\n      technology.\n    <\/p>\n    <p>\n      But even in the energy-rich U.S., heat pumps are garnering more interest.\n      It costs no more to run a heat pump to get temperatures up to 130\u00b0C than a\n      gas boiler, according to the Renewable Thermal Collaborative (RTC), an\n      industry consortium. Higher-temperature heat pumps are also being\n      developed. German industrial company SPH Sustainable Process Heat GmbH has\n      developed a heat pump that harnesses waste industrial heat and reaches\n      temperatures of up to 200\u00b0C.\n    <\/p>\n    <p>\n      For processes that require much more intense heat, thermal batteries have\n      emerged as a potential solution. One version consists of bricks housed in\n      a metal box, heated by electrical conductors to over 1000\u00b0C. Thanks to\n      effective insulation, they can retain heat for days and release it when\n      needed at various temperatures.\n    <\/p>\n    <!-- BOX -->\n    <div class=\"well b-blue-tint-4 my-3\">\n      <h3>\n        Many companies are working towards the electrification of industrial\n        processes\n      <\/h3>\n      <p>\n        <strong>Chemicals:<\/strong> A newly formed consortium bringing together\n        German chemical behemoth BASF, Saudi chemical powerhouse SABIC, and\n        global industrial-gases firm Linde aims to develop an electric furnace\n        capable of producing heat sufficiently intense for the chemical\n        reactions required in their manufacturing processes.\n      <\/p>\n      <p>\n        <strong>Mining:<\/strong> Rio Tinto and BHP, two of the world\u2019s largest\n        mining firms, have launched a collaborative initiative to construct\n        Australia\u2019s first electric smelter for iron ore.\n      <\/p>\n      <p>\n        <strong>Cement:<\/strong> Holcim, the German cement giant, is exploring\n        the electrification of kilns and already incorporates renewable\n        electricity in various stages of the production process.\n      <\/p>\n      <p>\n        <strong>Steel: <\/strong>Sweden\u2019s SSAB aims to commercialize green steel\n        by 2026 by replacing coal-powered blast furnaces by hydrogen direct\n        reduction, where hydrogen is produced via electrolysis powered by\n        renewable electricity.\n      <\/p>\n    <\/div>\n    <p>\n      Another technology that has taken on a critical role is electrolysis.\n      Instead of stimulating chemical reactions with heat, electrolysis drives\n      reactions by passing an electric current through a solution. Extensively\n      used for green hydrogen production, electrolysis is being investigated for\n      the smelting of iron ore and potentially to replace the kiln in cement\n      production.\n    <\/p>\n    <p>\n      Finally, where the most extreme temperatures are required, a technology\n      that has been around for almost a century is increasingly being used: the\n      electric arc furnace. In the steel industry, these devices use electric\n      arcs to melt scrap metal to be repurposed into new steel. They offer a\n      more energy-efficient and environmentally friendly alternative to\n      traditional blast furnaces, which make steel from iron ore and coking coal\n      in a process known as smelting. Electric arc furnaces are mostly suited to\n      developed markets where scrap is easily available and plentiful.\n    <\/p>\n    <p>\n      Though well established, this technology is attracting new converts. In\n      2024, Tata Steel shut down its blast furnaces in Wales, UK, intending to\n      move to electrified steelmaking.\n    <\/p>\n    <!-- SECTION -->\n    <h2>Innovate, baby, innovate<\/h2>\n    <p>\n      Will these new technologies work at large scales? Time will tell. But\n      sceptics should remember that other low carbon technologies like wind and\n      solar initially experienced high failure rates and slow rollouts. As\n      engineers and businesses progressed along the learning curve, failure\n      rates declined and adoption accelerated faster than anyone had\n      anticipated.\n    <\/p>\n    <p>\n      Even if these new technologies prove scalable and efficient, electrifying\n      industry will take time. Changing processes may involve high upfront\n      costs, including training, and disruptive stoppages.\n    <\/p>\n    <p>\n      Yet the march toward electrification, underpinned by the falling cost of\n      renewable electric power and the rising importance of energy security, is\n      progressing. Innovations in power, storage, and electrification of\n      industrial processes continue.\n    <\/p>\n    <p>\n      While new technologies and disruptive innovations may present promising\n      opportunities for investors in time, they come with inherent risks. As\n      companies grow and at times merge, market dynamics shift and prices\n      fluctuate; the path forward can be uncertain. Thus, although staying alert\n      to new developments is important, many investors may opt to focus on more\n      established industries and themes. Energy efficiency, for example, is an\n      investment theme that underpins many businesses providing products and\n      services aimed at optimizing consumption and lowering energy costs.\n    <\/p>\n    <p>\n      As new innovations emerge to meet the challenges of a changing world, we\n      encourage investors to consider the opportunities and risks in light of\n      their long-term investment goals.\n    <\/p>\n","protected":false},"excerpt":{"rendered":"<p>As burgeoning demand and innovation transform the energy landscape, we examine key trends that are likely to shape the future of renewable power and industrial electrification.<\/p>\n","protected":false},"author":15,"featured_media":21293,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2025-03-05T10:07:55","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[740,742,741],"rbcwm_content_owner":[609],"rbcwm_need":[],"rbcwm_segment":[],"rbcwm_solution":[],"rbcwm_topic":[468],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-21294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-data-centers","tag-nuclear-plants","tag-renewable-power","rbcwm_content_owner-pag","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"As burgeoning demand and innovation transform the energy landscape, we examine key trends that are likely to shape the future of renewable power and industrial electrification.","rbcwm_post_author":[835],"rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":["Yes"],"perspective_disclaimer":"","expandable":"","omit_from_pages":[],"disclaimer_footnote":""},"rbcwm_insight_cta_id":[8484],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Power, storage, and electrification: A revolution<\/title>\n<meta name=\"description\" content=\"As burgeoning demand and innovation transform the energy landscape, we examine key trends that are likely to shape the future of renewable power and industrial 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