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Mitsubishi Hitachi Power Systems and Magnum Development on May 30 announced plans to build the world’s largest storage project in central Utah.
The project will incorporate 100% clean energy storage, deploying utility-scale technologies, which include renewable hydrogen, compressed air energy storage, large-scale flow batteries, and solid oxide fuel cells.
Mitsubishi said it has developed gas turbine technology that enables a mixture of renewable hydrogen and natural gas to generate power with lower emissions. The company’s technology roadmap aims to use 100% renewable hydrogen as a fuel source, facilitating zero-carbon electricity production from gas turbines.
Magnum owns a salt dome storage facility with five caverns, which already operates liquid fuels storage. The developer will continue to explore compressed energy storage and renewable storage options. The location of the site, adjacent to the Intermountain Power Project, will help seamlessly integrate with the western power grid using existing infrastructure.
The project, called Advanced Clean Energy Storage, will construct and operate facilities to be located in Millard County, Utah. MHPS and Magnum said they will invite strategic and financial partners to participate in the coming weeks and months.
Magnum’s compressed air energy storage project in the Western Energy Hub facilitates the storage of off-peak power from wind and solar sources. The process involves the conversion of intermittent renewable generation into compressed air, which can be stored in “commercial-scale solution mined caverns.”
The stored air serves as an energy reserve that can be released to produce electric power at any time.
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As expected, Brent lost momentum at the end of the week. The International Energy Agency’s latest Oil Market Report revealed their expectation that rebalancing would need to continue through 2020 based on current stock levels and lackluster demand growth.
For the week ahead, Stratas Advisors expect Brent to remain weak, averaging $60/bbl.
Stratas Advisors foresee the potential for weakness in the latter half of the week based on the results of the U.S. crude and product stock report and also the release of the IEA’s latest Monthly Oil Market Report.