News Summary
Governor Kathy Hochul’s office has launched a Bulk Energy Storage Request for Proposals to procure one gigawatt of energy storage. This initiative aims to enhance the reliability of New York’s electricity grid while managing rising electricity demands. The New York State Energy Research and Development Authority (NYSERDA) is overseeing the RFP, which supports a variety of storage technologies to double the state’s existing capacity. A new Index Storage Credit mechanism will provide financial incentives for project developers, helping to ensure a more robust energy ecosystem.
Albany, New York – In a significant move to enhance the reliability and resilience of New York’s electricity grid, Governor Kathy Hochul’s office has launched a Bulk Energy Storage Request for Proposals (RFP) to procure one gigawatt (GW) of bulk energy storage. This initiative aligns with the state’s strategy to manage rising electricity demands while minimizing costs and optimizing infrastructure.
The RFP, administered by the New York State Energy Research and Development Authority (NYSERDA), is designed to support a variety of energy storage technologies. By increasing the amount of energy storage deployed statewide, this program aims to double existing capacity, thus improving grid reliability and peak load reduction. Authorities underscore the significance of this initiative in making energy both more affordable and safely stored throughout the state.
The request for proposals also introduces the Index Storage Credit (ISC) mechanism, which provides project developers with revenue certainty over contracts lasting between 15 to 25 years. This financial incentive is expected to encourage participation in both wholesale energy and capacity markets, ultimately contributing to a more robust energy ecosystem.
Application Process and Timeline
Compliance and Future Goals
Impact on State Energy Policy
Deeper Dive: News & Info About This Topic
HERE Resources
Additional Resources
- Renewables Now
- Wikipedia: Energy Storage
- Long Island Business News
- Google Search: bulk energy storage New York
- CBS6 Albany
- Google Scholar: energy storage policy New York
- Solar Power World
- Encyclopedia Britannica: energy storage
- Utility Dive
- Google News: New York energy storage RFP
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