America’s electricity grid is changing and doing so in a hurry. Over the past decade, renewable energy sources like wind and solar power have become mainstream, fueled by growing demand and shrinking price tags as the technologies have become more cost effective. In fact, renewable power is now the least expensive source of new electricity in many parts of the country. Cost declines help reduce the challenge for the six states, ten counties and 90 cities that have enacted carbon-free electricity targets, and the more than 175 major companies that have committed to 100% renewable energy.
Achievement of such high renewable levels will, however, require a modernized and more flexible electrical grid, one that uses advanced technologies like energy storage to better accommodate variable power sources that don’t necessarily generate when the demand for electricity is highest. There is every reason to expect booming near-term growth in energy storage and other advanced grid technologies, a trend that will be great for America’s economy and for job creation, as well as for the effort to address climate change. I am happy to say that, with our GridStar energy storage systems will play an important role in this transition, playing a critical role in ensuring that tomorrow’s electric grid is clean, secure, reliable and cost-effective. Innovations that drive and navigate change a key heritage of Lockheed Martin. One we will continue to do long into the future.