Entergy, NextEra to jointly develop 4.5 GW of energy storage projects
June 7 (Reuters) -Utility firm Entergy ETR.N and a unit of NextEra Energy NEE.N on Friday entered into an agreement to develop up to 4.5 gigawatts (GW)of new solar and energy storage projects.
The five-year agreement will help Entergy provide renewable energy to more than 3 million customers in Arkansas, Louisiana, Mississippi and Texas, the company said in a statement.
WHY IT'S IMPORTANT
The U.S. solar industry is thriving due to more domestic panel manufacturing, helped by federal and state policies aiming to boost clean energy on the grid to meet climate goals.
Consultancy Wood Mackenzie and the Solar Energy Industries Association expect the U.S. to install roughly 40 GW of solar capacity in 2024, the same as last year.
The Energy Information Administration forecasts that U.S. battery storage will increase by 89% by the end of 2024 if all planned energy storage systems are brought online at the targeted time.
KEY QUOTES
"We believe the power sector is at an inflection point, and growing electricity demand will be met by low-cost, renewable generation and storage," said Rebecca Kujawa, CEO of NextEra Energy Resources.
"...(the agreement) further strengthens our long-standing collaboration and adds up to 4.5 GW on top of the more than 1.7 GW of renewable energy projects already underway with Entergy."
Reporting by Vallari Srivastava in Bengaluru
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