(Credit: CPower)[/caption]CPower, a company that leads the nation in maximizing the value of customer Distributed Energy Resources (DERs), recently announced its membership in RMI's Virtual Power Plant Partnership (VP3) initiative. The primary goal of VP3 is to accelerate the scaling of virtual power plants (VPPs) in a way that supports affordable and reliable decarbonization of the electric sector by addressing the obstacles that hinder VPP market growth.
The VP3 initiative unites industry giants such as Google Nest, Ford, and General Motors, to promote the adoption of VPPs that can empower businesses, households, and communities to support cost-effective energy, emissions reductions, and a more resilient electricity grid.
CPower will provide its expertise to expand VPP access for larger C&I energy users, as well as DER Owners and Operators who develop portfolios of behind-the-meter assets across the country. With 6.3 GW of DER capacity at more than 17,000 sites across the US, CPower was recently recognized by Wood Mackenzie as the national leader for flexible capacity in its recent VPP Market report.
VP3, founded in January 2023, catalogs, researches, and communicates the benefits of VPPs, such as making the grid more reliable and resilient to extreme weather, lowering energy costs, enabling economy-wide electrification, and unlocking the potential of DERs to integrate clean energy. The group also focuses on developing new industry-wide best practices, standards, and roadmaps and informing and shaping new nationwide policies to support the growth of VPPs.
“We are proud to join our industry colleagues as a member of RMI’s VP3 Initiative and lend CPower’s experience in managing the most flexible capacity of any VPP provider in the U.S.,” said John Horton, President and CEO, CPower.
Virtual power plants can provide essential grid services by reducing peak power demand and improving resilience in a world of increasingly extreme climate events. According to a 2022 report from Visiongain, the global VPP market is valued at $448.1 million and is projected to grow at a CAGR of 17.8% during the forecast period 2023-2033.
"VP3 is excited to partner with CPower and other industry leaders to grow the market for VPPs and ensure the energy transition doesn’t miss a beat,” said Mark Dyson, Managing Director of RMI’s Carbon-Free Electricity Program.
As a member of VP3, CPower will work collaboratively to promote the adoption of VPPs and support affordable and reliable decarbonization in the electric sector. With its unique expertise in managing flexible capacity, CPower will play a crucial role in the growth of VPPs and the creation of a more resilient, customer-powered grid.
