US grid-scale energy storage installations hit new quarterly record

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🗞️ Driving the News: The U.S. grid-scale energy storage installations reached a record high in Q2 2023, according to a joint report by Wood Mackenzie and the American Clean Power Association (ACP)
• The grid-scale segment exhibited 172% growth quarter-over-quarter, overshadowing the previous record from Q4 2021, with California leading the charge

🔭 The Context: This unprecedented surge in energy storage is pivotal for balancing and regulating energy supply, especially as reliance on intermittent wind and solar power intensifies
• The record is attributed to the realization of projects delayed due to previous supply chain issues and signifies a growing trend in utility and large power users leveraging storage to augment grid reliability

🌍 Why it Matters for the Planet: Grid-scale energy storage is crucial in transitioning to renewable energy sources like wind and solar power
• The increased capacity shows a real commitment to boosting energy sustainability and cutting reliance on non-renewable sources, helping to protect the environment

⏭️ What's Next: Wood Mackenzie anticipates that the grid-scale segment will continue to spearhead the market from 2023-2027, making up 83% of total installations
• The focus on grid-scale, community, commercial, and industrial installations underscores the strategic move towards more sustainable and reliable energy infrastructures, although the residential storage segment has experienced consecutive declines

💬 One Quote: "The energy storage market is on pace for a record year, as utilities and larger power users increasingly turn to storage to enhance the grid and improve reliability" (John Hensley, ACP)

📈 One Stat: In Q2 2023, the U.S. energy storage market set a new quarterly record by adding 5,597 megawatt hours (MWh), underscoring a rapid acceleration in the adoption of grid-scale energy storage solutions

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