Press Release Summary:
NEMA endorsed HR 1465, STORAGE 2013,Â whichÂ promotes adoption of state-of-the-art energy storage technologies, calling this legislation "carefully crafted" in its regard for entireÂ range of energy storage technologies. "Energy storage is a key enabler of the Smart Grid and is transforming the way we think about electricity," said NEMA President and CEO Evan R. Gaddis, who also noted that this bill provides opportunity to make U.S. the "center of energy storage development and production."
Original Press Release:
NEMA Praises Introduction of Bill to Promote Energy Storage Technologies
ROSSLYN, Va.—National Electrical Manufacturers Association (NEMA) today endorsed HR 1465, STORAGE 2013, legislation to promote adoption of state-of-the-art energy storage technologies, introduced by Rep. Chris Gibson (R-NY) and Rep. Mike Thompson (D-CA).
“Energy storage is a key enabler of the Smart Grid and is transforming the way we think about electricity,” said NEMA President and CEO Evan R. Gaddis. “By getting us beyond the need to generate electricity at the same moment as it is used, energy storage delivers greater system efficiency, enhances reliability and resiliency, and fosters integration of renewable energy.”
STORAGE 2013 would offer a 30 percent investment tax credit for energy storage used in connection with the power grid, with no project eligible to receive more than $40 million, and the total program capped at $1.5 billion. For municipal utilities and electric cooperatives, the legislation would make energy storage eligible for new clean renewable energy bonds. To promote efficiency and distributed generation in the commercial and residential markets, the bill offers a 30 percent credit (up to $1 million) for onsite application of energy storage.
The legislation is carefully crafted to promote the entire spectrum of energy storage technologies and not to pick technology winners and losers. Eligible technologies include, for example, batteries, superconducting magnetic energy storage, flywheels, and thermal energy storage systems.
Energy storage has experienced rapid maturation in recent years. Storage is being deployed at an increasing rate and many demonstration projects have proven its usefulness to the grid and its role in electricity markets.
NEMA and its member companies are leading domestic and international efforts in the development of performance metrics which will allow utilities and customers to compare systems and select the system which best fits their needs through consensus criteria.
“The number of established players and entrepreneurs in the energy storage space displays that these technologies are here now and have great promise for revolutionary development going forward,” Gaddis said. “This bill provides the U.S. with the opportunity to make this country the center of energy storage development and production.”
NEMA is the association of electrical equipment and medical imaging manufacturers, founded in 1926 and headquartered in Arlington, Virginia. Its member companies manufacture a diverse set of products including power transmission and distribution equipment, lighting systems, factory automation and control systems, and medical diagnostic imaging systems. Worldwide annual sales of NEMA-scope products exceed $120 billion.
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