· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on The Wall Street Journal or enjoy below:
🗞️ Driving the news: Sheldon Kimber is investing in large-scale battery storage in Texas and California to capitalize on the volatility in power demand
• The batteries, which charge during the day and discharge when demand peaks in the evening, aim to stabilize the power grid and boost profits by selling stored energy at higher prices
🔭 The context: Battery storage is growing rapidly, driven by increased solar energy production and significant financial backing from both government and private sectors
• Intersect Power, Kimber's company, is raising $837 million to fund three major battery projects, which will provide power for nearly 400,000 homes for two hours
🌍 Why it matters for the planet: Effective battery storage can mitigate the impact of extreme weather events on the power grid, promote renewable energy use, and reduce reliance on fossil fuels
• This sector is critical for stabilizing intermittent renewable energy sources like wind and solar, enhancing grid resilience
⏭️ What's next: Intersect Power is set to accelerate battery installations, leveraging billions of dollars in funding and tax credits
• As the industry expands, the focus will be on overcoming challenges related to permitting and grid connections, while adapting to potential technological advancements in battery storage
💬 One quote: “The only thing we can guarantee in the energy transition is that volatility will increase,” said Sheldon Kimber, CEO of Intersect Power
📈 One stat: Intersect Power's new battery projects will use 258 Tesla Megapack batteries, capable of powering nearly 400,000 homes for two hours
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