.Beacon Power Gains From FERC Ruling in PJM
Press Release Source: Beacon Power Corporation On Wednesday September 8, 2010, 7:00 am EDT
TYNGSBORO, Mass., Sept. 8, 2010 (GLOBE NEWSWIRE) -- Beacon Power Corporation (Nasdaq:BCON - News), a leading provider of advanced energy storage systems and services to support a more stable, reliable and efficient electricity grid, is a direct beneficiary of a ruling last week by the Federal Energy Regulatory Commission (FERC) that will allow Beacon to pay wholesale rates for net energy withdrawals in the PJM Interconnection grid operating region. The ruling will lower Beacon's cost to provide frequency regulation services in PJM, and thus improve the Company's rate of return on plant investments.
FERC accepted PJM's request to revise its market tariff and allow "rapid-response energy storage resources," including flywheels, to compete in PJM's ancillary services market on an equal basis with conventional storage resources. Beacon Power is currently developing three 20 MW flywheel plants in the U.S., including one that will be located within the PJM Interconnection.
"This is an important decision that will result in a meaningful bottom-line benefit for Beacon Power as we deploy our flywheel technology in the PJM region," said Judith Judson, Beacon vice-president of asset management and market development. "PJM has highlighted the grid-stabilizing benefits of fast-response energy storage, especially in supporting intermittent renewable energy resources. This ruling reaffirms PJM's commitment to ensuring that flywheels will compete on a level playing field and provides added encouragement for us to enter the PJM market |
