AES Energy signs landmark 1 GW battery storage procurement with LG Chem
Battery storage has been a growing story for the United States’ electric grid, but even so, AES’s announcement this week is surprising for its scale. The 1 GW multi-year agreement (with the option to procure more storage), will help lower costs, improve reliability, and reduce emissions, the company said.
The arrangement will “provide utilities, developers, and businesses access to high quality batteries at the best prices as part of the complete Advancion grid storage solution,” said John Zahurancik, president of AES Energy Storage. “LG Chem is one of our most trusted battery partners and this agreement provides a new scale of activity to serve announced projects as well as installations under development by our utility partners.”
Earlier this year, a report prepared for the Australian Renewable Energy Agency predicted battery prices will fall 40-60% over the next five years, setting off a storage boom that could look similar to the growth in rooftop solar. Over at Telsa, the team is shooting for battery prices in the $100/kWh range by the end of the decad