NEW YORK, Jan. 17, 2023 (GLOBE NEWSWIRE) — Incentives for energy storage projects in the United States and Canada present a unique opportunity to accelerate the decarbonization of North American power generation.
Corre Energy BV has expanded its energy storage project development activities to the United States and Canada. Corre Energy US Development Company LLC, a subsidiary of Corre Energy BV, was formally incorporated to source and develop utility scale compressed air energy storage (CAES) projects throughout North America.
CAES is a commercially proven technology that can use renewable energy to compress air into underground salt caverns when power demand and prices are low. This energy is later released to the grid to increase supply when demand and prices are higher, improving grid stability, reliability and security. If burning green hydrogen is part of the technical design of the CAES plant, the electricity it supplies has a zero-carbon footprint.
The US Department of Energy classifies CAES1 as the most cost-effective energy storage technology with a long service life. The relatively inexpensive type of physical hedging provided to Corre Energy’s customers allows them to stagger the variable energy they produce and improve the profitability of their renewable assets. In this way, CAES assets can support the faster deployment of renewable power generation assets across North America and accelerate the decarbonization of the power generation fleet.
In exchange for allowing renewable generators to store energy in its CAES assets and release that energy when its value is at its highest, Corre Energy typically charges a set fee and shares in the upside revenue generated by its customers through what is known as a “Acceptance Agreement”. .”
Keith McGrane, Chief Executive Officer of Corre Energy, commented: “Last month we signed binding terms and conditions for a 15-year offtake agreement with Eneco, a leading renewable energy provider in the Netherlands, for the entire multi-day…
