US battery installs to accelerate strongly beyond 2020, but new risks emerge

Almost 10 GW of utility-scale and grid-connected battery storage will be operating in the U.S. by 2023, S&P Global Platts Analytics forecast in its latest U.S. Power Storage Outlook. A combination of dropping costs and diversification of use cases points to accelerating storage uptake, with annual storage investments set to increase tenfold from under $0.3 billion in 2019 to around $3 billion in 2023. However, new policy and technology risks are emerging. Click here for full-size chart State policies will remain instrumental to this multi-GW deployment in the coming years. In 2018, New Jersey, Massachusetts and New York joined California and Oregon in enacting state-level storage targets. New Jersey and New York now have the two most ambitious targets: 2 GW by 2030 and 3 GW by 2030, respectively. However, even states without dedicated policies are seeing increasing interest from storage developers. Utility-scale battery capacity in regional transmission organization (RTO) and independent system operator (ISO) interconnection queues as of May 2019 almost tripled levels seen in June 2018, reaching over 40 GW of capacity, though the fate of many of these projects is less than certain. The largest capacity increase was in California, supported by storage mandates, and in ERCOT… continue reading

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Source: CTRM Center

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