New York state regulator, Hochul, has approved a state roadmap to achieve a 6GW energy storage target by 2030. The targets include 70% renewable energy on the New York grid by 2030, and deployment of 6GW of energy storage. The move is part of the state’s Climate Protection and Community Leadership Act (CPCLA). As of April, New York State had awarded about $200 million in incentives to around 396MW of BESS, while it has contracted for a further 581MW. Bulk storage procurement will be done through a mechanism called the ‘Index Storage Credit’, similar in scope to New York’s Renewable Energy Certificate (REC) scheme. The state will underwrite some merchant risk for storage developers, but when revenues exceed the strike price, profits will be paid back, reducing the investment from both sides of the contract.
Solar Dominates US Energy Capacity Growth
The Federal Energy Regulatory Commission (FERC) has published data showing that solar accounted for over 75% of US electrical generating
