(TYNGSBORO, Mass) Beacon Power Corporation announced that the New York State Public Service Commission (PSC) has granted the Company a Certificate of Public Convenience and Necessity (CPCN) for its proposed 20 MW flywheel frequency regulation plant in Stephentown, New York, and approved the project’s overall financing. At its October 15th meeting, the PSC determined that Beacon’s proposed flywheel plant in Stephentown is in the public’s interest.
Last month the PSC affirmed that Beacon’s Stephentown plant had met all relevant PSC environmental requirements. With the PSC’s last two decisions now in place, the Company is authorized to apply for applicable permits, submit any final plans and drawings to PSC for review, and prepare to construct and operate the plant.
“We are excited to be able to support the development of new, state-of-the-art facilities that will help us improve our use of electricity,” said Commission Chairman Garry Brown. “The facility’s flywheels are designed to store excess energy when the generated power supply exceeds demand and conversely deliver it back to the grid when demand exceeds supply. This project will help fully utilize electricity generated from renewable power sources, which is often generated at times when demand is low.”
“This is an important decision for Beacon Power and for electricity users in the state,” said Bill Capp, Beacon president and CEO. “The PSC works to ensure that New Yorkers have access to reliable and low-cost utility services. We believe that their decision to approve the CPCN for the Stephentown plant is recognition of the benefits that flywheel energy storage can bring in improving grid reliability and providing an essential grid service in a clean, low-cost way.”
Beacon Power Corporation designs, develops and is taking steps to commercialize advanced products and services to support stable, reliable and efficient electricity grid operation. The Company’s primary business strategy is to commercialize its patented flywheel energy storage technology to perform frequency regulation services on the grid. Beacon’s Smart Energy Matrix, which is now in production, is a non-polluting, megawatt-level, utility-grade flywheel-based solution to provide sustainable frequency regulation services. Beacon is a publicly traded company with its research, development and manufacturing facility in the U.S. For more information, visit www.beaconpower.com.