Ahead of the S&P Global Platts Global Power Markets conference in Las Vegas, April 8-10, 2019, The Barrel presents a series of articles on the global and US electricity sectors. Here, Felix Maire and Jared Anderson look at the prospects for battery storage across the US. Battery energy storage deployment in the US has rapidly increased in recent years and appears set for further growth, assuming costs continue decreasing and pending market rule changes increase opportunities for storage resources to participate in wholesale power markets. But importantly, the economics, policy drivers and use cases differ widely among regions. The US currently has a little over 1 GW of installed battery storage capacity and could have more than 7 GW of utility-scale and grid-connected battery storage operating by 2022, according to S&P Global Platts Analytics’ most recent US Power Storage Outlook. Lithium-ion battery prices have sharply declined in recent years driven by steadily expanding manufacturing capacity, which has led to economies of scale and improved learning. That learning curve is expected to continue as battery companies are planning a six-fold manufacturing capacity increase by 2023. Over the medium to longer term, Platts Analytics anticipates that mass-market electric vehicle adoption will continue… continue reading
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Source: CTRM Center