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New York's storage industry could hit $8.7B revenue mark by 2030

A New York State-funded study projects that the state's energy storage industry could hit annual global revenues between $5.6 billion and $8.7 billion by 2030, with total job growth between 17,300 and 26,800 employees.

The study, titled "The Energy Storage Industry in New York State: Recent Growth and Projections 2015 Update," shows that employment in the state's energy storage sector grew 30% from 2012 through 2015 with annual industry revenues increasing 50% to approximately $906 million over the four-year period, the New York State Energy Research and Development Authority said in a Jan. 19 release.

The report comes on the heels of $360 million in state funding to 11 renewable energy projects in support of Gov. Andrew Cuomo's goal of achieving 50% renewable electricity by 2030.

The awards will leverage almost $1 billion in private sector investment for the projects, which include two wind farms, one utility-scale solar farm, seven hydro projects and one fuel cell project, the authority said in a Jan. 12 news release. When completed, the projects will generate more than 260 MW of electricity. The weighted average award price for the solicitation is $24.24/MWh of production over the 20-year terms of the awarded contracts.

Projects receiving awards include Invenergy Wind LLC's proposed 105.8-MW Number Three wind farm in Lewis County; NextEra Energy Resources LLC's planned 101.2-MW Eight Point wind project in Steuben County; and Hecate Energy LLC's proposed 50-MW solar farm in Green County.

The Invenergy project will consist of 35 to 50 wind turbines and is expected to go online in 2019.

Invenergy Wind is a subsidiary of Invenergy LLC, and NextEra Energy Resources is a NextEra Energy Inc. subsidiary.