Wood Mackenzie: 2019 was a record year for battery storage across the U.S.

first_img FacebookTwitterLinkedInEmailPrint分享Greentech Media:The U.S. energy storage industry capped off its biggest year of installations with its largest single quarter in Q4.U.S. energy storage installation topped 522.7 megawatts/1,113 megawatt-hours in 2019 as a whole and 186.4 megawatts/364.2 megawatt-hours in the fourth quarter, according to the newly released Energy Storage Monitor, produced by Wood Mackenzie and the Energy Storage Association.For years, those in the industry have argued that the ability to store and release electricity nearly instantaneously offers great operational benefits, not just for the adoption of intermittent renewables but also for more efficient grid operations. The latest numbers suggest that this argument is starting to resonate as utilities across the nation contract for large battery plants and an unprecedented number of homeowners seek solar-battery combinations to keep the lights on in an outage.Indeed, the home battery sector delivered the most striking growth, the Energy Storage Monitor reported. Fourth-quarter residential installations doubled year-over-year to 40.4 megawatts/90.3 megawatt-hours, marking its third consecutive record-setting quarter.Eight states now contain utility-scale storage facilities adding up to more than 50 megawatts. Another 11 states operate more than 10 megawatts each. Only 15 states have yet to adopt any advanced storage in front of the meter, according to WoodMac’s data.Overall, U.S. storage installations are expected to nearly triple in 2020 and more than double in 2021. Residential numbers, in particular, will triple this year compared to last year. This year could also be the first in which the annual storage market surpasses $1 billion. In 2019, storage investments totaled $712 million; this year, they are poised to jump to just shy of $2 billion.[Julian Spector]More: U.S. storage industry achieved biggest-ever quarter and year in 2019 Wood Mackenzie: 2019 was a record year for battery storage across the U.S.last_img read more

Siemens Benefits Scheme signs £530m buy-in

first_imgThe Siemens Benefits Scheme has completed a £530m (€578m) buy-in transaction with Legal & General, securing the benefits of more than 2,000 UK retirees.The deal is the pension fund’s second such pension risk transfer transaction, but the first with Legal & General.The insurer, which announced the deal today, said the pension scheme had chosen an umbrella contract to allow for potential future transactions to be completed quickly and easily, when the time and market conditions are right.It also said the trustees ran an agile and flexible process, which allowed them to take advantage of favourable pricing opportunities in the market, and to move quickly to meet their objectives. Joanna Matthews, chair of the trustees, said: “Through careful planning, we were able to overcome the logistical and investment challenges posed by COVID-19 and complete this transaction at this time on very favourable terms. This is a fantastic outcome and I would like to thank all involved in the process.”The trustees were advised on the transaction by Aon and Sackers. Legal advice was provided to Legal & General by Eversheds.Karen Gainsford, principal consultant at Aon, said the scheme’s “nimble governance” was key to the firm having been able to secure attractive terms “so efficiently”.“It’s a great example of what will be needed throughout the remainder of 2020, as schemes seek to secure benefits in what is set to become a busy market once again,” she said.Legal & General has been working with the Siemens Benefits scheme for many years, and Legal & General Investment Management Limited helped to set up the liability-driven investment portfolio in 2008.Siemens’ deal is the latest in a series of bulk annuity transactions to be announced recently. Rothesay Life last week announced it had closed a £930m buy-in with Littlewoods Pensions Scheme last month, and a day later Legal & General Assurance Society disclosed a £70m buy-in with ICI Pension Fund.To read the digital edition of IPE’s latest magazine click here.last_img read more