Energy storage has been called a “game changer,” a “panacea,” and a “disruptor.” It has garnered widespread interest from electric companies, residential customers, businesses, manufacturers, regulators, and policymakers. Its potential for growth has been described as “astronomical” and “colossal,” and its benefits sometimes touted as incalculable. Indeed, energy storage has the potential to be a true game changer.
It is a very promising technology that, along with other elements of a diverse resource mix, will benefit consumers by allowing greater penetration of renewable energy; creating more dynamic generation, transmission, and distribution systems; and enabling transportation electrification, microgrids, smart grids, smarter cities and communities, and all the visions of the future energy grid.
Energy storage technologies include batteries, flywheels, compressed air, thermal storage, and pumped hydropower. These technologies all provide a way to save previously generated energy and to use it at a later time, which is why energy storage is such a useful and versatile resource for electric companies and their customers.
Although energy storage has been around for decades in one form or another, only recently has it become a viable technology able to provide multiple benefits to customers as well as the energy grid, and energy storage is well on its way to becoming an integral part of our electricity system. While costs are still relatively high for many energy storage devices, costs are rapidly declining for some storage technologies, facilitating their deployment.
Yet, as penetration of energy storage increases, the limitations of existing rules and regulations are becoming increasingly apparent, prompting a review of state and federal policies aimed at reducing regulatory barriers and allowing these technologies to participate in the marketplace on a comparable basis with other resources.
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