New York Sets 2030 Target for 6GW of Additional Energy Storage

The state of New York is set to increase its energy-storage capacity by 6 gigawatts, roughly 20% of its peak electric power load, by the end of the decade. A recent statement from New York Governor Kathy Hochul revealed that the state’s Public Service Commission has approved a plan to add a whopping 6 gigawatts to New York’s energy capacity via a framework of comprehensive recommendations.

According to the governor’s office, the framework will help the state expand its energy-storage plans, induce rapid renewable energy growth and increase grid reliability as well as customer resilience, all while maintaining cost effectiveness. The state-approved plan will ultimately support the deployment of enough energy storage to save New York’s electricity system an estimated $2 billion.

The recent announcement aligns with the Climate Leadership & Community Protection Act goal of generating 70% of New York’s power from renewables by 2030, then achieving zero-emission energy by 2040. Governor Hochul says increasing the state’s energy storage will be key to achieving these climate goals and building a “clean-energy future” for New York. She noted that the new framework would provide the state with the needed resources to accelerate its green-energy transition without compromising grid resilience and reliability.

The State’s Energy Research & Development Authority (NYSERDA) and Department of Public Service Staff analyzed the potential procurement mechanisms and market reforms it would take to gain an additional 6 gigawatts of energy storage capacity by 2030. The two agencies found that the state would require accelerated technology innovation as well as R&D, especially to aid the development of long-duration power-storage technology.

The two entities also assessed different approaches to developing New York’s energy storage that would also help the state eliminate fossil fuel-fired power plants with the highest pollution levels, per Hochul’s proposal in her 2022 State of the State address. The agencies then considered approaches of energy-storage innovation in ways that propel the ending of New York’s most pollution-prone fossil-fuel energy plants, also suggested by Hochul in the 2022 State of the State statement.

Now that the state have provided approval, the road map will launch programs designed to produce 4.7 gigawatts of new energy-storage projects in retail (community, commercial and industrial), residential and bulk (large-scale energy-storage sectors) across New York. An additional 1.3 gigawatts of existing energy storage that is under contract or currently in the procurement phase will bring New York to its goal of adding 6 gigawatts of energy storage by 2030.

As more enterprises such as Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) take up the challenge of providing the critical metals needed in the green-energy transition, jurisdictions such as New York State could find it progressively easier to meet their clean-energy goals in the years to come.

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