Raymond James Financial has been trading since 1962 as a multinational independent investment bank. It employs approximately 7,800 financial advisers and has $725 billion client funds under management. It released a report on May 30, 2019 claiming we need more fuel cells to prevent American power outages.
The Sheer Scale of American Power Outages
Raymond James researcher, Pavel Molchanov, begins his case with an alarming statistic. He says there were 32,149 American power outages affecting 212 million residents between 2008 and 2017. That averages over 300 a year based on data from Eaton according to Streetwise Reports.
The problem becomes clear when he mentions 22 states had more than 500 outages annually during the period. California had the most with 4,297. Texas, New York and Michigan followed with 1,603, 1,528, and 1,369 respectively. The total cost of all the outages was $27 billion according to E Source. However the U.S. Department of Energy estimates between $18 and $33 billion.
Is Conventional Battery Storage up to the Challenge?
Raymond James researcher Pavel Molchanov believes this is not the case. That’s because conventional battery-based backup power solutions are only sufficient for up to 6 hours. Where after there is a time delay while the batteries recharge from an external source.
Pavel Molchanov believes fuel cells are better suited for extended American power outages such as those after hurricanes. That’s because they last longer by manufacturing their own energy on demand as required. Moreover, they are low on maintenance and cause fewer emissions. Taken together, they are therefore a candidate for battery storage.
There are, however disadvantages Pavel Molchanov may have overlooked. These include requiring a continuous supply of fuel and oxygen, and being unable to store energy. However, that said we still favour fuel cells over lithium ion. This is on account of fuel cells’ low-flammability and softer touch on the environment.
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Preview Image: Block Diagram of Fuel Cell
