A competitively-bid contract that ensures two of Northfield Mountain’s four pumped-storage hydroelectric units operate during periods of highest-cost electricity would help Massachusetts achieve major savings in energy costs and carbon emissions and maximize the benefits of future offshore wind power, according to a new report by Energyzt Advisors LLC.
Massachusetts ratepayers could save $220 million from 2022-30 while removing over 875,000 metric tonnes of CO2 emissions—comparable to taking more than 21,000 cars off the road, according to the study.
The report was commissioned by FirstLight Power and builds on to two landmark studies from 2019 conducted by the University of Massachusetts at Lowell and the Massachusetts Department of Energy Resources/Levitan & Associates. Both the UML and DOER studies focused on the major value of large-scale energy storage, such as increased utilization of Northfield Mountain, in order to support and maximize the economic and environmental benefits of offshore wind projects being developed over the next decade. By capturing surplus wind power during periods of peak generation and returning it to the grid when wholesale electric prices are highest, Northfield Mountain and other energy-storage assets can deliver substantial environmental and economic benefits, all three studies show.