The transformation of coal-fired power plants into large-scale energy storage has created a significant economic opportunity.
The economics of large-volume transformers have also created opportunities for utility-scale power plants to build more efficient generation.
A new report from the Institute for Energy Economics and Financial Analysis (IEEFA) and the American Association of State and Municipal Energy Officials (AMSEO) looks at how large-capacity energy storage could become the new coal.
The report found that the market for large-cap wind and solar power plants has grown from $9 billion in 2014 to $25 billion in 2019.
And in 2021, the total market for electricity from large-power plants was expected to exceed $100 billion.
In 2021, more than $6 trillion of the nation’s electricity was generated by large-storage projects.
The IEEFA report found the U.S. has the world’s largest wind- and solar-electric capacity, but it has not yet experienced the same amount of renewable energy capacity development.
“Large-scale storage could dramatically increase the economic opportunity for states and utilities to invest in new, high-capacity, high carbon energy resources,” said Steven R. Pons, IEEFAA Senior Fellow and author of the report.
“The cost and the availability of storage will be driven by a combination of new technologies, and the need to deploy new power infrastructure in the coming decades.
A recent report from The Electric Power Research Institute (EPRI) estimated that a $1 trillion investment in high-cost wind and rooftop solar would generate $150 billion in benefits and $150 trillion in net energy costs by 2030.”
In 2020, the EPRI found that $4.4 trillion was invested in large-size wind and $2.8 trillion in large solar in the U, but there is an enormous gap in the amount of investment in large and small scale renewable energy projects in the states and across the country. “If the U