With the rapid adoption of clean energy across the United States, energy storage market prospects appear impressive. Notably, as the cost of energy storage declined steadily, there has been an increase in the pairing of renewable energy generators with energy storage, particularly batteries.
Per the latest data released by the U.S. Energy Information Administration (EIA), the number of solar and wind generation sites co-located with batteries has grown from 19 paired sites in 2016 to 53 paired sites in 2019.
Benefits of Energy Storage & Pairing
Storage technologies strengthen and stabilize the U.S. grid by providing backup power, leveling loads, and offering a range of other energy management services. One of the most important benefits of combining energy storage with renewable technologies is the ability to store energy after it is generated and distributing it when needed rather than right after it is produced. This reduces the need to curtail renewable generation and allow energy to be deployed during periods of high electricity demand.
While the most common application for batteries co-located with renewable sources is storing excess energy, these batteries are also used for frequency regulation, which helps to maintain the grid’s electric frequency on a second-to-second basis. Batteries can also provide transmission and distribution support, helping to smooth out energy flows.
EIA projects average renewable capacity at proposed U.S. facilities to more than double from 34 megawatts (MW) to 75 MW by the end of 2023. The average battery capacity will grow from 5 MW to 36 MW. Installations reported to EIA, another 56 facilities pairing renewable energy and battery storage will come online by the end of 2023.
Stocks in Focus
It is evident that stocks involved in energy storage boast solid growth prospects and thus investors should keep a tab on them. We have mentioned below a few such companies.
NextEra Energy NEE: at https://www.webull.com/newslist/nyse-ge This utility provider has more energy storage capacity than any other company in the United States, with more than 140 MW of battery energy storage systems in operation. If you want to know more stock information, you can visit https://www.webull.com/.