NEE - CMS Energy Jupiter Ink Deal for 100MW Battery Storage | Benzinga
CMS Energy Corp.'s (NYSE: CMS) subsidiary, Consumers Energy, has signed a deal to collaborate with Jupiter Power to build 100 Megawatts of battery energy storage projects in Michigan. This partnership agreement should put CMS a step toward duly achieving its net-zero carbon emission goal by 2040.
Benefits of the Agreement
In response to the United States' growing demand for clean electricity, utility providers such as CMS Energy are rapidly shifting their dependence from fossil fuels to renewable energy sources in order to reap the benefits of the growing utility-scale renewable energy market's financial, environmental, social and governance benefits. To this end, it is imperative to mention that as energy storage has emerged as a critical component of the clean energy market's expansion, utilities are targeting to expand their footprint in this space as well. The latest agreement seems to be one such initiative undertaken by CMS Energy.
Notably, CMS Energy aims to spend $3.4 billion in clean energy between 2024 and 2028, which includes the deployment of energy storage, apart from investments in renewable energy sources like solar, wind and hydroelectricity. Impressively, this amounts to 20% of the overall five-year capital expenditure plan made by the company.
This investment plan will help ...