Large-Scale Energy Storage Is The (Virtual) Power Plant Of The Future
Summary
Con Ed organized an auction for “demand response capacity” and awarded contracts to a variety of energy storage and efficiency startups. Stem has installed or has under contract large-scale lithium ion batteries in 600-plus commercial sites, mostly in California and Hawaii, and developed sophisticated software to help manage the flow of electrons across these systems. Stem has about 100 megawatt-hours of storage deployed and under contract so far, often funding the work via its own investment partners, including Starwood Energy Group, which committed $100 million last year. We’ve sold only about 2% of our systems on a cash basis, because we wanted to bundle up the fleet and sell the [capacity] to utilities.” California is far and away the biggest energy storage market to date. In 2013, it passed a law (AB 2514), requiring utilities to invest in large-scale storage, including the systems offered by Stem and competitors like Advanced Microgrid Solutions.
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