The Energy Storage Report 2024

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Maryland could cut energy costs and emissions with 2.5GW of storage by 2033, says ACP


Some 2.5-3.6GW of energy storage could be cost-effectively deployed by 2033 to cut emissions and lower energy costs in the US state of Maryland, American Clean Power (ACP) said.

The renewable energy trade body’s study said that a rollout of 2.5-3.6GW of new energy storage would lead to net system cost savings to Maryland of approximately US$74-100 million in 2033.

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That would be under an Increased Energy Storage scenario where no new gas is built and renewables account for 97% of electricity generation by 2033. The projected savings are compared to the Continued Gas Dependence scenario where new coal and gas resources come online and fossil fuel plants are 50% of generation.

CO2 emissions in 2033 under the Increased Energy Storage scenario would be 93% lower than 2023 while they would be just 23% lower under the Gas Dependence scenario. Energy costs to consumers would also be lower, but only by US$1 a month.

The ‘Increased Energy Storage’ scenario entails an average annual deployment of 400MW a year of new energy storage, mostly in territories served by utilities Pepco and BGE.

A year ago the state of Maryland increased its economy-wide emissions reduction target from 40% to 61% by 2031, as reported by The announcement coincided with developer Convergent Energy + Power bringing three solar-plus-storage projects totalling 8MWh online, one of just a few large-scale projects seen in the state to-date.

While California and Texas continue to be by far the largest markets for energy storage in the US, other states are making high-level policy announcements to significantly ramp up their deployments too. Last month, reported on state governments in Michigan and New Mexico proposing and setting (respectively) energy storage deployment targets for 2030 onwards.

Maryland is served by multi-state grid operator PJM.

The Maryland study, for which preliminary findings have been released with a fully report coming later, was commissioned by ACP and conducted by Synapse Energy Economics.

22 May 2024
London, UK
At the time of writing, Europe had had its most successful year in terms of Power Purchase Agreements (PPAs) with a record 7.8GW of renewable energy contracts signed. As we gather in May 2024 for the third edition of the Renewable Energy Revenues Summit, the energy landscape continues to evolve rapidly, influenced by the beating drum of climate change, volatility around power prices and the need to decarbonise power procurement as well as generation.
22 October 2024
New York, USA
Returning for its 11th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.

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