PSC Authorizes Construction of 100 MW Battery Storage
Utility-scale battery storage will play a vital role in New York''s clean energy future, especially in New York City where it will help to maximize the benefit of the wind power being developed
While energy storage is already being deployed to support grids across major power markets, new McKinsey analysis suggests investors often underestimate the value of energy storage in their business cases.
Ancillary services that stabilize the power grid typically represent 50 to 80 percent of the full storage revenue stack of energy storage assets deployed today. This is observed across multiple mature storage markets but is expected to decrease to less than 40 percent by 2030.
Energy storage systems capture and hold energy for later use by shifting when and how electricity supply and demand are balanced. They're charged using electricity from the power grid during periods of low demand or extra capacity.
The use of stochastic models, coupled with innovative commercial strategies, could help operators better assess the potential of these assets—enhancing business cases and supporting the continued acceleration of the energy transition.
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