23 May BPC Action Applauds the Bicameral Introduction of the BEST Act in Energy and Environment
BPC Action commends the bicameral introduction of the Better Energy Storage Technology Act (BEST Act), which aims to increase the development of grid-scale energy storage, and applauds Sens. Collins (R-ME) and Heinrich (D-NM) and Reps. Foster (D-IL) and Herrera Beutler (R-WA) for their bipartisan work on this legislation. Federal investment and support in energy research, such as this, sparks job creation and enhanced competitiveness of critical industries like manufacturing while making American energy systems more affordable, reliable and clean.
Our current electricity grid is expensive to maintain, requiring utilities to invest nearly $100 billion a year to uphold. Grid-scale storage would create significant efficiency gains by reducing the need for new generation capacity, transmission, and distribution infrastructure. The resulting savings would lead to lower electricity bills for Americans across the country. Generally, these projects generally carry too much financial and technical risk for the private sector to undertake on their own, so federal support for large-scale demonstration projects is essential.
Energy innovation is key to our nation’s future prosperity. The Better Energy Storage Technology (BEST) Act is an important step toward making the electric grid more affordable and efficient for the American consumers and businesses that rely on it.