In the United States, developers installed 8.7 GWs of battery storage capacity in 2023, a 90% increase from the prior year. The global storage market grew by 110 GWhs of energy storage capacity in 2023, an increase of 149% from the previous year. Investment in the global storage sector grew 76% in 2 Contact online >>
In the United States, developers installed 8.7 GWs of battery storage capacity in 2023, a 90% increase from the prior year. The global storage market grew by 110 GWhs of energy storage capacity in 2023, an increase of 149% from the previous year. Investment in the global storage sector grew 76% in 2023, to $36 billion.
Rohit has extensive experience in the solar, wind, energy storage, and biofuel sectors, and has advised on numerous award-winning transactions. He is recognized by Chambers USAand Chambers Global in the Projects: Renewables & Alternative Energy category.Rohit''s clients describe him as"excellent," "knowledgeable,""timely in his work," "commercially-oriented," "very plugged into the market" with a "great demeanor."
He started his legal career at an international law firm in New York, where he focused on project development and project finance transactions across the globe. Prior to law and business schools, Rohit was an investment banking analyst at Credit Suisse in San Francisco where he provided M&A and financial advisory services to technology companies in Silicon Valley.
Les represents many of the industry''s leading companies on project development, financing and M&A transactions for solar, wind, energy storage, biomass, gas and similar projects. Les has led the Orrick team''s thought leadership in the growing battery and hydrogen energy storage market, has published numerous articles on the topic, and has served as lead counsel on many of the largest storage and renewables+storage transactions completed to date.
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Even as the electric utilities industry continues to work through the implications of renewable generation, executives are already grappling with the next big thing: energy storage.
Energy storage is coming online quickly as the rapid adoption of electric vehicles brings down battery costs. This revolution will have tremendous implications across the electricity value chain because energy storage can replace peaking plants, alter future transmission and distribution (T&D) investments, restructure power markets and help digitize the electricity ecosystem.
In some markets, battery storage is already coming close to economic parity with some forms of peaking generation. Bain & Company estimates that by 2025, large-scale battery storage could be cost competitive with peaking plants—and that is based only on cost, without any of the added value we expect companies and utilities to generate from storage (see Figure 1).
As with renewable generation, storage will affect the entire electricity ecosystem, from utilities to end consumers. Every utility executive has an eye on energy storage, but many have not yet confronted the complexities, such as integration into strategic plans, investment decisions or regulatory priorities. They need to grasp the opportunities sooner rather than later to avoid the types of pitfalls they experienced as renewable energy, particularly distributed solar, took off.
Energy storage is also becoming increasingly attractive to commercial and industrial customers for the reliability and arbitrage advantages mentioned above, as well as for the value-stacking opportunities. These customers, and the energy service companies that serve them, may have a clearer path to benefit from these new technologies, free from legacy generation and T&D, as well as the regulatory rules that apply to utilities.
For everyone in the electricity ecosystem, the advent of cost-effective energy storage can bring new opportunities for reliability, resiliency, sustainability and control.
Central to all of these efforts will be enhancing utilities'' IT capabilities, particularly mastery over advanced data analytics (see the Bain Brief "How Utilities Are Deploying Data Analytics Now"). Increasingly, they will need better visibility of supply, demand, and voltage and frequency needs, sometimes down to the circuit level, as customers and regulators demand more from utilities.
While few utilities currently have the capabilities necessary to manage such large volumes of data and to draw valuable, real-time insights, many utility executives say they are beginning to build up such capabilities internally. However, it may be more cost efficient and more effective to partner with a third-party analytics vendor. By pairing the utility''s deep industry experience and troves of data with the vendor''s analytic expertise, such partnerships are often the faster, more economic pathway to gain deep insights.
As with renewable generation, momentum behind the adoption of energy storage will also come from new companies that can move nimbly to take advantage of these burgeoning energy storage opportunities for commercial and industrial customers. These customers are becoming increasingly sophisticated as they look to reduce costs, improve their reliability and resiliency, and in general take greater control over their energy use. Increasingly, they are looking beyond their utility provider to energy service companies to meet those needs.
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