August 27, 2008
PSEG Global Forms Joint Venture for Commercial Deployment of CAES Technology
PSEG Global and energy storage innovator Michael Nakhamkin have formed Energy Storage and Power, a joint venture to exclusively market, license and support the development and supervise project execution of the second generation compressed air energy storage technology.
The compressed air energy storage (CAES) technology stores off-peak energy, in the form of compressed air in an underground reservoir, and releases this energy during peak hours.The CAES technology can reportedly be used for load management of intermittent renewable energy resources or as a stand-alone intermediate generation source for capturing energy arbitrage, capacity payments and ancillary services.
Dr Nakhamkin is reported to have led the design and technical implementation of North America's first CAES plant in McIntosh, Alabama. He will be the chief technology officer of the joint venture. Roy Daniel, who has been with PSEG since 1994 in various management positions, will be the CEO.