2024 power reform benefits energy storage

How did energy storage grow in 2022 & 2023?

The US utility-scale storage sector saw tremendous growth over 2022 and 2023. In 2022, the volume of energy storage installations totaled 11,976 megawatt hours (MWh), which was surpassed in the first three quarters of 2023, reaching 13,518 MWh by cumulative volume.

When will long-duration energy storage be debated?

In March 2024 the House of Lords Science and Technology Committee published a report on energy storage: ‘ Long-duration energy storage: Get on with it ’. The report will be debated in the House of Lords on 9 January 2025. 1. What is long-duration energy storage?

What is long-duration energy storage?

Long-duration energy storage technologies store excess power for long periods to even out the supply. In March 2024, the House of Lords Science and Technology Committee said increasing the UK’s long-duration energy storage capacity would support the UK’s net zero plans and energy security.

Why was 2024 a busy year for state legislatures?

From developing new energy resources and related infrastructure to protecting the energy system against various hazards, 2024 was a busy year for state legislatures setting priorities and directing resources to keep the lights on and build a modern grid to support a modern U.S. economy.

How many coal-fired power plants are retiring in 2029?

According to the U.S. Energy Information Administration 23% of the U.S. coal-fired power capacity is scheduled to retire by 2029, representing approximately 9,450 MW of capacity retiring each year. Numerous communities are heavily dependent on the operation of coal-fired power plants for their community’s economic well-being.

What are the most common energy storage trends in 2024?

One of the most common energy storage trends in 2024 was legislation to encourage or require utilities to deploy new storage resources, including through their siting and planning processes, though it was also common to create new financial incentives for businesses to develop storage resources.