Japan's TEPCO takes stake from Renewable Energy Systems Americas (RES) in an Ohio-based battery storage project to provide frequency regulation in PJM network
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. The company has constructed more than 9,000 MW of renewable energy and energy storage projects and over 1,000 miles of transmission lines, including the 214 mile MATL project, throughout Canada and the U.S. RES' energy storage expertise includes 240MW/275MWh and over 18 projects, including the first non-recourse debt financing for a project.
RES' corporate office in U.S. is located in Broomfield, CO with regional offices located in Austin, TX; Minneapolis, MN; Old Saybrook, CT; and Sacramento, CA. Globally, RES has developed and/or built over 12 GW of renewable energy capacity, has an asset management portfolio exceeding 2 GW, and is active in a range of renewable technologies including wind, solar, energy storage, and transmission. For more information visit http://www.res-group.com/en/.
About PJM Interconnection
PJM Interconnection is a regional transmission organization (RTO) that coordinates the movement of wholesale electricity in all or parts of Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia 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 to ensure reliability for more than 65 million people.
PJM's long-term regional planning process provides a broad, interstate perspective that identifies the most effective and cost-efficient improvements to the grid to ensure reliability and economic benefits on a system wide basis. For more information, go to www.pjm.com
BYD's mission is to solve our global energy challenge of reducing dependence on fossil fuels for transportation and power production. This model has made BYD an industry pioneer and leader in several high-tech sectors including high-efficiency automobiles, electrified public transportation and medium- and heavy-duty trucks, electric forklifts, energy storage, and solar power generation.
As the world's largest manufacturer of rechargeable batteries, their mission to create safer and more environmentally friendly battery technologies has led to the development of the BYD Iron Phosphate Battery. This fire-safe, completely recyclable and incredibly long-cycle technology has become the core of their clean energy platform that has expanded into automobiles, buses, trucks, utility vehicles and energy storage facilities. BYD and its shareholders, including Warren Buffett, see these environmentally and economically forward products as the way of the future. For more information, visit www.byd.com/usa/energy.