Jan 5 (Reuters) - PG&E Corp said on Thursday it will partner with Energy Vault Holdings Inc to build a green hydrogen energy storage system in California, capable of powering about 2,000 customers for up to 48 hours during a planned outage.
Green hydrogen, produced using renewable energy, already has a big fan-base and is forecast to play a major role in reducing greenhouse gas emissions.
Several energy companies are exploring opportunities in the storage space to manage continuous availability of renewable power.
Power utilities in the U.S. could triple their storage capacity in the coming three years, as wind and solar capacity expands, according to the U.S. Energy Information Administration (EIA).
PG&E submitted the project contract for review and approval to the California Public Utilities Commission (CPUC) on Dec. 30, with a request for the issuance of a final resolution approving the project by May 15.
The proposed energy storage system will be owned, operated and maintained by Energy Vault, providing dispatchable power to PG&E under a long-term tolling agreement.
Construction of the project is expected to begin in the fourth quarter of 2023 with commercial operation expected by the end of second quarter of 2024. (Reporting by Arshreet Singh; Editing by Shinjini Ganguli)
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