U.S. Energy Storage Surges 46% Led by Big Project in Windy Texas
(Bloomberg) -- U.S. energy-storage capacity surged 46 percent in the third quarter, mainly due to a single big project in Texas, the biggest source of wind power.
Power companies and developers added 41.8 megawatts of storage systems, including a 30-megawatt utility-scale project in Texas, according to a report Thursday from GTM Research and the Energy Storage Association. California added 8.4 megawatts of residential and commercial systems. The industry installed 28.6 megawatts in the third quarter of 2016.
Driven by regulatory demands and sharp price declines, energy-storage is becoming more common. Prices for lithium-ion battery packs have fallen 24 percent from 2016 levels, according to Bloomberg New Energy Finance. Utilities including Exelon Corp., Duke Energy Corp. and American Electric Power Co., meanwhile, are increasingly receptive to storage projects, which potentially will facilitate wider adoption of wind and solar power.
GTM forecasts that 295 megawatts will be in operation in the U.S. by year-end, up 28 percent from 2016. And more is coming. GTM projects the U.S. energy-storage market will be worth $3.1 billion in 2022, a seven-fold increase from this year.
“Energy storage is increasingly acknowledged in utilities' long term resource planning across the country,” Ravi Manghani, GTM Research's director of energy storage, said in a statement.
To contact the reporter on this story: Brian Eckhouse in New York at beckhouse@bloomberg.net.
To contact the editors responsible for this story: Lynn Doan at ldoan6@bloomberg.net, Will Wade, Joe Ryan
©2017 Bloomberg L.P.
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
-
Wrong Labels, High Pesticide Residues Holding Back Agri Exports | The Reason Why
India needs stronger domestic food-safety and labelling standards, with best practices becoming part of everyday business for farmers, traders and food companies.
