Matthew Hankey on energy storage
From The Grid Mod Pod | Episode 2: Overcoming Obstacles to Solar Energy Projects with Matt Hankey · · AEIC
“Utilities and developers need to get on the same page about how energy storage will be treated long term, because rate changes by utilities could remove some of the benefits of demand response or storage, putting customers and investors in a different financial position than expected.”
On , Matthew Hankey, President & Chief Executive Officer of New Energy Equity & Emerging Technologies Officer at ALLETE INC, spoke about energy storage during The Grid Mod Pod | Episode 2: Overcoming Obstacles to Solar Energy Projects with Matt Hankey on AEIC.
About Matthew Hankey
In a September 2024 podcast appearance, Matt Hankey, CEO of New Energy Equity, described interconnection as "by far the biggest issue for our industry right now." He stated that the interconnection queue has grown "almost by three times since 2010," with solar applications making up eighty percent of applications in the United States over the previous year. Hankey said that projects his company is developing are installing in late 2025, reflecting an 18 to 24 month timeline, compared to 5 to 6 months when he started in the industry. He attributed the slowdown to challenges including interconnection delays. Hankey said that utilities and developers need to take a "proactive, collaborative approach" to find solutions, and that "if utilities and developers are on different sides of the playing field and not working together, it's going to be a challenge for both." He stated that energy storage could help address grid interconnection and intermittency issues, but said it "needs to be incentivized at the distributed generation level because without incentives, developers won't add storage if it drags down project returns." Hankey also said that "the regulatory model and business model for utilities greatly impact progress" and that "it's not the technology or innovation stopping us from moving forward rapidly, but rather creating the correct conversations with the right players."