New venture launched in answer to Texas power-outs

New venture launched in answer to Texas power-outs

New venture launched in answer to Texas power-outs 150 150 Energy Storage Journal

April 1, 2021: Power firm Hunt Energy Network and asset management firm Manulife on March 22 launched a joint venture that aims to manage a portfolio of 500MW of distribution-level energy storage assets in ERCOT (the Electric Reliability Council of Texas) that came under fire during the blackouts this February.

The joint venture will be called HEN Infrastructure, and will manage assets dispatched by Dallas-based Hunt Energy’s TraDER platform.

“The open power market of Texas is a magnet for innovation,” said Pat Wood, Hunt CEO. “Our team is ready to speed the day when reliable electricity becomes more decentralized, more decarbonized and more democratized.”

The new company says 100MW of energy storage is in an advanced stage of development, with 400MW more to be deployed over the next three years.

This year’s winter storms brought havoc to the Lone Star State, where the average February climate has an average daytime temperature low of around 5°C and a high of around 24°C.

This year, temperatures plummeted to as low as -19°C, and the state was hit by snowstorms the like of which had not been seen in decades. Power went out for thousands for days, and at least 100 people died in the unseasonal weather.