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The Administration announced new executive
actions and 33 state and private sector commitments that will accelerate
the grid integration of renewable energy and storage. Together, these
announcements are expected to result in at least 1.3 gigawatts (GW) of
additional storage procurement or deployment in the next five years.
An important moment for the energy storage industry
The Summit included regulators, power companies,
municipalities, and energy developers that are leading efforts to
promote smart electricity markets, greater grid integration of renewable
energy, and flexible resources such as energy storage.
While the program specifics and tactical
implementation details will start to become available in the days and
months to come, it’s an important moment for the energy storage
industry, comments Ravi Manghani, GTM Research's director of energy
storage.
At least 1.3 gigawatts of additional storage; approx. USD 1 billion in investments
“Today’s announcement adds another theme for
comparing the two markets. SunShot paved the way for solar PV cost
declines in 2011, this collaborative storage commitment aims to result
in at least 1.3 gigawatts of additional storage procurement or
deployment in the next five years,” Manghani explains.
The federal government committing to increasing its
storage and micro-grid capacity through programs will make federal and
military bases more resilient and provide funding for micro-grids in
rural communities.
Sixteen developers and power companies in at least
eight states announced new energy storage procurement and deployment
targets for the next five years. Investors announced USD 130 million in
new funding commitments for energy storage.
“In aggregate, these new procurement, deployment,
and investment commitments announced today could lead to approximately
USD 1 billion in investments in energy storage,” says Manghani.
The second wave of U.S. energy storage: GTM business-as-usual outlook of seven-fold growth by 2021
In its base case scenario, GTM Research projects
annual storage deployments to grow from 226 MW in 2015 to 2.1 GW by
2021. This will represent a seven-fold growth from 2015 deployments, and
a compounded annual growth rate of 45 percent in the six-year period.
The base forecast assumes no major federal policy or
state-level storage mandates across all 50 states. This forecast
however, anticipates incremental favorable policy movements in states
and regional markets where storage policies or market regulations
already exist or are under discussion. For comparison, solar PV has
grown from ~200 MW to 7.4 GW in 7 years (2008–2015) aided by federal tax
credit policy and renewable portfolio standards in several states
White House storage boost
Now adding a nationwide storage public-private push
into the equation will provide a well-earned boost to the market, and in
all probability, an upward bump in the storage outlook. The market will
receive a direct lift from the program investments, and additionally
surge due to positive network effects from a well-funded and expanding
industry ecosystem, find GTM Research.
“In all, the 33 commitments are a mix of new and
already accounted for growth opportunities. Nonetheless, as the first
executive office push for energy storage, it will undoubtedly galvanize
the storage industry!,” concludes Manghani.
source: http://www.solarserver.com
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