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9/16/2019 |
Community |
20-Megawatt Energy Storage Project to Deliver for Consumers and the Enviornment |
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OfReg has today announced that it has approved a 20-Megawatt (MW) utility-scale battery energy storage project for CUC, paving the way for annual consumer savings of approximately CI$5 million. The Office authorised CUC to issue a solicitation for the energy storage project to be implemented in 2020/21. The project will deliver benefits for consumers, and helps the Cayman Islands to meet its clean energy goals. Notable benefits include the following: • Provision of more economic and reliable spinning reserves; •Reduction of Grand Cayman’s diesel fuel consumption by approximately 5% - 6% per annum (more than 2 million imperial gallons per year); • Provision of annual fuel savings of approximately CI$5M per year which accrue to consumers; • Creation of operating reserves, for an additional 12MW of Distributed Renewable Energy Resources, to be interconnected to the CUC grid; • The additional 12MW capacity will allow OfReg to review and approve new Distributable Renewable Energy programmes; • Increases the current renewable energy infusion quota to 29MW, which is approximately 25% of Grand Cayman’s peak electricity load; • Reduction of the average cost of solar on Grand Cayman, in line with the National Energy Policy (NEP) goal of reducing future costs of energy in the Cayman Islands; • Provision of net combined reductions in CO2 emissions of approximately 8% on Grand Cayman; • Additional contribution to meeting the CUC Integrated Resource Plan; and • Provision of more certainty to the distributed renewable energy sector, on Grand Cayman. Commenting on the announcement, Gregg Anderson, Executive Director of Energy and Utilities, said: “The 20MW of energy storage will help improve grid reliability and integrate more renewables; creating a cleaner, healthier, and more sustainable future. Energy storage is expected to play a key role in OfReg’s commitment, to ensure utilities’ deliver clean, safe, reliable and cost-effective energy in keeping with the goals of the National Energy Policy.”
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