The U.S. vitality storage market reached a model new deployment extreme throughout the closing quarter of 2023, with 4,236 MW put in — a 100% enhancement from Q3, in line with a model new report from Picket Mackenzie and the American Clear Power Affiliation.
The newest “U.S. Energy Storage Monitor” report displays that grid-scale vitality storage deployment exceeded 3 GW in a single quarter for the primary time. With 3,983 MW of newest functionality additions, the quarter seen a 358% enhancement as compared with the similar interval in 2022.
“The vitality storage enterprise continues its unbelievable progress trajectory, with a reporting quarter serving to drive residence a banner yr for the experience,” talked about John Hensley, ACP’s Vice President of Markets and Protection Analysis. “These additions carry with them important benefits to our power grid. Vitality storage has distinctive capabilities to deal with grid resilience, with the facility to perform in period, load, and transmission. These benefits to the grid have been evident, notably in current occasions, as storage has provided reliability and stability all through important moments like historic heatwaves. With a robust pipeline, the long term for vitality storage deployment is highly effective.”
For the U.S. residential part, deployments reached 218.5 MW, which merely exceeded the sooner quarterly setup report of 210.9 MW set in Q3 2023. Market options in California had been offset by a contraction in Puerto Rico, which follows a “roller-coaster” as incentive funds open and shut.
The neighborhood, industrial, and industrial (CCI) part remained stagnant QoQ with 33.9 MW put in in This autumn, the place put in functionality was damaged up comparatively evenly between California, Massachusetts, and New York.
In keeping with the report, complete deployments in 2023 all through all segments reached 8,735 MW and 25,978 MWh, representing an 89% enhancement over 2022. Whereas merely shy of doubling year-on-year, this record-breaking achievement was projected earlier in 2023 and lots aligns with Picket Mackenzie and ACP’s expectations outlined in earlier critiques.
“Full grid-scale installations reached 7,910 MW and 24,000 MWh for 2023, which is a 98% enhancement over 2022 installations. Our up-to-date five-year forecast now extends to 2028 and initiatives 59 GW of newest functionality additions in that timeframe,” talked about Vanessa Witte, senior analyst with Picket Mackenzie’s vitality storage workers.
In keeping with the report, distributed storage exceeded 2 GWh in 2023, which is one other first for the market. This was helped by a better-than-common first quarter for the CCI part, and over 200 MW of installations in Q3 and This autumn each throughout the residential part.
Over the next 5 years, the residential market will proceed to progress, with higher than 9 GW as a consequence of being put in. Whereas the cumulative amount put in for the CCI part is forecasted to be decrease than that, at 4 GW, the enlargement charge is over double, at 246%.
Information from WoodMac
