Resi Storage Proliferation. Companies are either doubling down or getting into building a home battery. Yesterday it was Lunar and today Panasonic, both making announcements on the topic. This week, batteries in VPP environments in Texas were able to sell energy into the wholesale market for over $5 per kWh, which seems like an anomaly but possible a sign of the energy market ahead.
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The Promise Of Cleaner. And Cheaper. Every new data point shows that solar is increasingly the cheapest option in more geographies. We’ve moved past putting solar in deserts only and now can produce clean energy cheaper than all other forms. The next iteration also makes that clean and cheap energy much more dispatchable using energy storage. I still hold out hope that the financial drivers of existing solar farms will drive the enhancement of the offtake contracts by offering generators the amendment needed to make that solar plant dispatchable. So here’s the message to anyone in a CCA or utility that reads this newsletter, take a PPA off the shelf and call that asset owner and ask what the PPA price increase would be to add storage to that site. Just make the call and realize it’s insanely accessible, right now.
Access Is A Feature. Not a bug, and we’re talking about the lack of access to the grid. Given the above, i.e. cheap renewable energy, the massive queues in the interconnection pipeline do not have aligned interests across the board. We should be comfortable with having much greater capacity reserves and more time focuses renewables.
At The Summit? I'll be talking around 9am this morning on the future of energy storage and how it is growing both in deployment and manufacturing in the US. Come say hi!
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The Solar Summit. Busy travel week for me but will get you the commentary as possible. Make sure to catch up with me at the Solar & Storage Summit in San Francisco on Thursday morning if you are at the conference. We’ll be talking about the incredible impact that the IRA has had on new factory announcements and the expansion of available technologies in the marketplace.
<ERCOT’s Need. You’ve seen the ERCOT price maps undoubtedly which means that the market needs more infrastructure to be built. This is another reminder that the storage pipeline in Texas is ready to be built out in order to build the resilient grid that consumers deserve.
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The Grid We Have. It’s hot in Texas and across the Southeast but ERCOT is likely to break records over the next few days and nearly hit 80GW of demand yesterday with less than 10% capacity reserves. Resilience is earned through robust price signals within the market that enable investments to be made in order to ensure the lights turn on when you hit that switch. During Winter Storm Uri, demand hovered in the 60GW range. It came down to the reliability of the generation that remained available plus decreased access to energy for consumers. Back to today, 5GW of reserve isn’t going to make a reliable grid. Going forward we need more price signals from regulators in order to turn up the reserve as the demand grows and grow it will. I’ll make a bet that we see a 100GW demand within 5 years.
What Could Be Possible. The easiest thing for any grid operator would be to expand the price signals, i.e. markets, for technologies that exist in the 21st century. Let’s start with energy storage, these technologies can do much more than what the current markets ask an asset to do. For example, short term grid resilience dispatches to power plants are much better served by storage. Storage can also turn solar plants much more intelligent, imagine if offtakers allows solar PPA generators to add an amendment to make the solar generation dispatchable. The second powerful tool for grid reliability would be to create a real market for dispatching home demand and smart home devices. This will be more of a must have when cars become EVs in every driveway. If a real virtual power plant market were priced by operators, real flexibility would become available.
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