In the previous post, I quoted Dominion Resources CEO Thomas F. Farrell II as alluding to the impracticality of storing electricity on a large scale. He is indubitably right about the high cost of storage today, but scientists and entrepreneurs are looking for ways to drive the costs down.
Battery storage of electricity is no more than a niche business at present. In our part of the country, it is used mainly to help PJM Interconnection, which maintains wholesale electricity markets, make tiny, fine-tuned adjustments to equalize the supply and demand of electricity on the grid. But some say that advances in battery technology will make it economical one day to store large amounts of surplus electricity generated by wind and solar power during periods of peak production for use during other times of the day.
Given the strategic importance of power storage, it is interesting to note the submission of HB 452 by Del. Patrick Hope, D-Arlington, to create a Virginia Energy Storage Consortium. Here is a summary of the bill:
Establishes the Virginia Energy Storage Consortium as a political subdivision of the Commonwealth for the purpose of positioning the Commonwealth as a leader in research, development, commercialization, manufacturing, and deployment of energy storage technology. The powers of the Consortium include (i) promoting collaborative efforts among Virginia’s public and private institutions of higher education in research, development, and commercialization efforts related to energy storage; (ii) monitoring relevant developments nationally and globally; and (iii) identifying and working with the Commonwealth’s industries and nonprofit partners. Staff support shall be provided by the Department of Mines, Minerals and Energy. The measure expires on July 1, 2021.
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