Wind Solar and Energy Storage Asset Restructuring Plan

Should energy storage be paired with renewables?

Storage paired with renewables can also reduce the need to build additional grid infrastructure by lowering grid congestion and maximizing the use of existing capacity. This is possible because energy storage co-located with renewable generation has higher utilization potential than wind or solar generation alone.

Can energy storage be co-located with renewable generation?

This is possible because energy storage co-located with renewable generation has higher utilization potential than wind or solar generation alone. According to Bloomberg New Energy Finance (BNEF), 2022 saw the installation of 16 gigawatts (GW)/35 gigawatt-hours (GWh) of energy storage capacity globally, an increase of nearly 70 percent from 2021.

Why is energy storage important?

The reason energy storage is so vital to rapidly scaling renewables is obvious. Because wind and solar are intermittent and depend on favorable weather conditions, power grids with abundant renewables need resources to help meet demand when the sun is behind the clouds and the wind is calm.

Why is energy storage important for renewable power systems?

Without flexibility provided by energy storage, achieving higher levels of renewable integration becomes challenging. Power systems with large amounts of renewables also need to replace the grid balancing services, such as frequency and voltage regulation, that traditional generators have historically supplied to maintain grid reliability.

How many GW of storage projects are awaiting connection?

For example, a report by the Lawrence Berkeley National Laboratory (LBNL) found that transmission queues in the US had about 670 GW of storage projects awaiting connection.66 The US Department of Energy (DOE) has also found that long delays translate into ballooning project costs.67 Talent shortage.

How can a state fund energy storage projects?

State equity/grant funding. State funding can alleviate the initial capital outlay required for energy storage projects and encourage private investment by reducing risk. An excellent example of this approach is the US IRA, which provides up to 30 percent tax credits to support energy storage projects. Incentivize grid services.