The U.S. vitality storage market reached a brand new deployment excessive within the closing quarter of 2023, with 4,236 MW put in — a 100% enhance from Q3, in response to a brand new report from Wooden Mackenzie and the American Clear Energy Affiliation.
The most recent “U.S. Power Storage Monitor” report reveals that grid-scale vitality storage deployment exceeded 3 GW put in in a single quarter for the primary time. With 3,983 MW of latest capability additions, the quarter noticed a 358% enhance in comparison with the identical interval in 2022.
“The vitality storage trade continues its unbelievable development trajectory, with a document quarter serving to drive dwelling a banner 12 months for the know-how,” mentioned John Hensley, ACP’s Vice President of Markets and Coverage Evaluation. “These additions carry with them crucial advantages to our energy grid. Power storage has distinctive capabilities to handle grid resilience, with the power to function era, load, and transmission. These advantages to the grid have been evident, particularly lately, as storage has offered reliability and stability throughout crucial moments like historic heatwaves. With a strong pipeline, the long run for vitality storage deployment is powerful.”
Credit score: NextEra Power
For the U.S. residential phase, deployments reached 218.5 MW, which simply exceeded the earlier quarterly set up document of 210.9 MW set in Q3 2023. Market beneficial properties in California had been offset by a contraction in Puerto Rico, which follows a “roller-coaster” as incentive funds open and shut.
The neighborhood, business and industrial (CCI) phase remained stagnant QoQ with 33.9 MW put in in This autumn, the place put in capability was cut up comparatively evenly between California, Massachusetts and New York.
In response to the report, whole deployments in 2023 throughout all segments reached 8,735 MW and 25,978 MWh, representing an 89% enhance over 2022. Whereas simply shy of doubling year-on-year, this record-breaking achievement was projected earlier in 2023 and really a lot aligns with Wooden Mackenzie and ACP’s expectations outlined in earlier experiences.
“Whole grid-scale installations reached 7,910 MW and 24,000 MWh for 2023, which is a 98% enhance over 2022 installations. Our up to date five-year forecast now extends to 2028 and tasks 59 GW of latest capability additions in that timeframe,” mentioned Vanessa Witte, senior analyst with Wooden Mackenzie’s vitality storage staff.
In response to the report, distributed storage exceeded 2 GWh in 2023, which is one other first for the market. This was helped by the next than common first quarter for the CCI phase, and over 200 MW of installations in Q3 and This autumn every within the residential phase.
Over the subsequent 5 years, the residential market will proceed to increase, with greater than 9 GW as a consequence of be put in. Whereas the cumulative quantity put in for the CCI phase is forecasted to be lower than that, at 4 GW, the expansion price is over double, at 246%.
Information from WoodMac
