40 MARCH 2023 WorldWide Drilling Resource® durations, from just a few hours up to many days at a time, setting it apart from most other storage technologies. “The efficiency depends on the geology and other characteristics of the rock,” explained Norbeck. But, in general, “it turns out this form of energy storage proves to be one of the cheapest forms of long duration energy storage.” The initial study looked at the impact of one, first-of-its-kind plant. However, as the technology is deployed at scale, it can shift and change the price of electricity or market dynamics. The team is using long-term electricity capacity planning models to examine the long run equilibrium outcome and impact on markets. Results from the first study helped Fervo demonstrate the value of this storage method and secure a highly competitive grant from the Department of Energy’sAdvanced Research Projects Agency-Energy. The latest project is a joint effort by Fervo, Princeton’s ZERO Lab, Lawrence Berkeley National Lab, and Rice University, and will involve field demonstration and real-world data collection on the performance of the artificial fracture network and inreservoir energy storage. Princeton Cont’d from page 39.
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