A New Staten Island Battery System Project has entered the Race to Ramp-Up the City’s Renewable Energy Storage.
Convergent Energy + Power, One of the Largest Renewable Energy Solutions Providers in North America, has reached a Deal to bring a 5 Megawatt/20-Megawatt hour System to Staten Island, which could offer Energy Saving to about 1,000 Homes. The Project is part of a Statewide effort to Scale-Up Energy Storage, which will be critical to achieving the Statewide Goal of using 70% Renewable Energy Sources by 2030.
Convergent Energy + Power Acquired the Project from Renewable Energy Developer, SMT Energy, for an Undisclosed Amount.
The Battery Storage Site is under Construction in the Grymes Hill neighborhood of Staten Island, and is expected to be completed in 2022.
Increasing Energy Storage is an Integral Component for the City to Reach its Clean Energy Goals.
A Cloudy Day with Little Wind could affect Solar and Wind Energy Sources, but a Battery Storage Facility, which Stores Electricity, can dispense Energy on such days and Reduce the Load on the Power Grid.
Convergent was able to take advantage of Two Incentives, the New York State Research and Redevelopment Authority’s Retail Storage Incentive, and the Value of Distributed Energy Resource Program that Compensates Energy created by Distributed Energy Sources like Battery Storage.
“New York state has done a wonderful job coming out with programs and incentive structures to facilitate this kind of development,” said Frank Genova, Chief Operating and Financial Officer at Convergent. Genova said that these Energy Storage Projects have become Cheaper and Easier to Build.
“The program and incentive structures that have been provided by New York state and the evolution and maturity of the market, which is driving the energy storage system pricing down,” Genova said.
State Energy Regulators at the Public Service Commission, set a Goal in 2018, to Install 3,000 Megawatts of Battery Storage by 2030, an effort that the Commission estimates could yield $3 Billion in Economic Value, and create 30,000 Jobs.
About 1,200 Megawatts have been added since then, according to a Report released in April.
Con Edison already has a few Battery Storage Projects including a System in Ozone Park, and a Project that is under Construction in Fox Hills, Staten Island.
The Utility Company is Building One of the Largest Battery Storage Projects in the State, in Astoria, Queens. The Battery System will be able to Store and Discharge 100 Megawatts of Electricity.
NYC Wins When Everyone Can Vote! Michael H. Drucker
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