TEPCO Takes 50 Percent Stake in a Battery Storage Project of RES
TOKYO, Dec 8, 2017 – (JCN Newswire) – TEPCO Holdings, the Tokyo-based electric power company, announced today it has acquired from Colorado-based Renewable Energy Systems Americas Inc. (RES), 50 percent interests of Battery Utility of Ohio, LLC (BUO), that provides frequency regulation services to PJM, a regional U.S. transmission network operator. TEPCO, through the acquisition, and RES will each own 50 percent of BUO.
BUO uses a battery storage system manufactured by BYD America, a large Chinese battery supplier, along with the RESolve(R) control and monitoring software developed by RES, and provides balancing services to PJM, which coordinates the movement of wholesale electricity in all or parts of 13 states and the District of Columbia. Acting as a neutral, independent party, PJM operates a competitive wholesale electricity market and manages the high-voltage electricity grid.
TEPCO expects to use the knowledge and technological expertise it gains through this relationship to provide trading and balancing resources to the newly deregulated electricity distribution market in Japan by 2020.
“Battery storage facilities, similar to the BUO project, provide fast-response frequency regulation service to help electric grid operators manage the quick reconciliation between load and generation across the grid,” said Graham Reid, RES CEO, Americas. “Energy storage, as well as renewable energy projects, continue to lead us to a future where everyone has access to affordable low-carbon energy.”
“We are pleased to be partnering with RES, and this is essential for TEPCO to accelerate the transformation of the energy industry and the evolution of its businesses with advanced and environmentally friendly technology”, TEPCO Managing Executive Officer Shinichiro Kengaku said, “TEPCO looks forward to creating additional innovative business opportunities overseas.”
Tokyo Electric Power Company Holdings, Inc. (TSE: 9501), headquartered in Tokyo, Japan, is the largest utility in Japan serving millions of homes and businesses. Worldwide the company has more than 34 subsidiaries and 32 affiliates in 8 countries and employs approximately 42,060 people. Consolidated revenue for the fiscal year ending March 31, 2017, totaled 5.3 trillion Japanese yen. The company was established in 1951 and is listed on the First Section of the Tokyo Stock Exchange. For more information, visit http://www.tepco.co.jp/en/corpinfo/index-e.html
About RES in the Americas
Since 1997, RES has been providing development, engineering, construction, and operations services to the energy storage, solar, transmission, and wind markets across the Americas.