Tesla Battery Storage Saving Money
Tesla Saves Jamestown, Australia $40m In First Year With World’s Biggest Battery
Did you see the news last year about the worlds biggest battery Tesla were installing near Jamestown, South Australia? Not only did Tesla have it operational within 100 days, it has now been running for just over a year and the savings are already being felt.
Neoen’s Hornsdale Power Reserve has exceeded all expectations after just one year, having reduced costs of $40 million from the wholesale market.
A report, which examined the impact of the Tesla battery, said: “our independent report found the system – owned by Neoen and supplied by Tesla – delivered all project objectives, reduced volatility on the state-wide network over the 12-month period and contributed to a reduction of close to $40m in the frequency control ancillary services (FCAS) market.”
Early costings estimated the battery cost AUD $65m (US $50m / £37.6m).
The report’s Energy Leader, explained that reviewing the data from Hornsdale Power Reserve’s first year of operation has provided huge insights to the capabilities of the new technology.
“Including how these fast response systems can help improve stability, reduce the likelihood of load-shedding events, and contribute to the reduction in wholesale prices. The data is telling us that these fast response systems can help us optimise the way Australian’s energy system works”.
The battery was unveiled last December, and was designed to store renewable energy gathered from wind farms and send it to the power grid when it’s needed.
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