Commonwealth of Virginia Energy Storage Study

Virginia recently passed the Grid Transformation and Security Act, positioning the state to take advantage of the multi-use benefits that can be achieved through the deployment of advanced energy storage technologies on the grid.

The Virginia Department of Mines, Minerals, and Energy selected Strategen to conduct a study on energy storage that would help inform energy storage related policy decisions for Virginia.

Strategen conducted a holistic review of potential energy storage value streams in Virginia and performed an economic analysis of the total benefits that these value streams could provide to the Commonwealth under different levels of storage deployment. The results of the analysis show that the near-term economic potential for energy storage in Virginia ranges from 24-113 MW (4-hr duration or less) depending on the installation costs and duration, yielding annual net benefits ranging from $3-9 million to the Virginia electricity system and its customers. Over the next decade, the deployed energy storage potential grows to 329-1,123 MW, with annual net benefits ranging from $20-$58 million. A preliminary estimate suggests that this equates to a total estimated job impacts 1,212-4,132 job-years, resulting in a range of 114-387 $MM in labor income.