About Policy summary on energy storage
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6 FAQs about [Policy summary on energy storage]
What are the different types of energy storage policy?
Approximately 16 states have adopted some form of energy storage policy, which broadly fall into the following categories: procurement targets, regulatory adaption, demonstration programs, financial incentives, and consumer protections. Below we give an overview of each of these energy storage policy categories.
What is a storage policy?
All of the states with a storage policy in place have a renewable portfolio standard or a nonbinding renewable energy goal. Regulatory changes can broaden competitive access to storage such as by updating resource planning requirements or permitting storage through rate proceedings.
Is energy storage a distinct asset class within the electric grid system?
The authors support defining energy storage as a distinct asset class within the electric grid system, supported with effective regulatory and financial policies for development and deployment within a storage-based smart grid system in which storage is placed in a central role.
Why is energy storage important?
Energy storage technologies provide significant opportunities to further enhance the efficiency and operation of the grid. Its ability to provide application-specific energy services across different components of the grid make it uniquely suited to respond quickly and effectively to signals throughout the smart grid.
Should energy storage be a central asset class?
Therefore, energy storage as a distinct asset class in a central role will increase the value of storage investments while enhancing the operation of the smart grid. To further this goal, storage requires policy support.
What are energy storage options?
Energy storage options provide applications and services that match technologies to needs. Already, several reports indicate the technical and economic benefits that storage has over conventional technologies, particularly in ancillary service markets , .