leadf
logo-loader
viewCleanSpark Inc

CleanSpark cheers new Federal Energy Regulatory Commission order to help the microgrid compete and work with traditional power utilities

The National Law Review concluded that 'FERC's new rules could prove to be a disruptive and transformative change to electric utilities and the electric industry broadly'

CleanSpark Inc - CleanSpark Inc voices support for  Federal Energy Regulatory Commission Order 2222 designed to help distributed energy resources (DERs) compete alongside and work with traditional power utilities
CEO Zach Bradford called the new FERC order 'a significant win' for clean energy and alternative energy production

CleanSpark Inc (NASDAQ:CLSK) announced Thursday its support for Federal Energy Regulatory Commission Order 2222 that is designed to help aggregated distributed energy resources (DERs) compete alongside and work with traditional power utilities. 

In its published opinion thoroughly investigating the ruling, the company noted, the National Law Review concluded that "FERC's new rules could prove to be a disruptive and transformative change to electric utilities and the electric industry broadly."

“This is a significant win for clean energy and alternative energy production, said CEO Zach Bradford in a statement. “This ruling should transform the microgrid industry by promoting competition in electric markets by removing the existing barriers that have favored utilities for decades."

READ: CleanSpark wins contract for multiple units of its intelligent switchgear equipment from energy development partner in Houston

Bradford said historical policy restrictions have prevented DERs and microgrid participants like CleanSpark from competing in energy and ancillary services markets currently monopolized by regional grid operators.

"This ruling should enable DERs, including alternative power generators, solar developers, and battery manufacturers, to participate alongside traditional resources to provide new sources of energy and grid services,” he said. “It should help provide a variety of benefits including lower costs for energy consumers, more grid flexibility and resilience, and more innovation within the electric power industry."

Looking ahead, Bradford said that several sources of distributed electricity should now be allowed to aggregate in order to satisfy minimum size and performance requirements that sources may not be able to meet individually. 

“Regional grid operators will be required to revise their tariffs to establish DERs as a category of market participant,” he said. “Prior to this ruling, DERs could contribute to Independent System Operator and Regional Transmission Organization markets via demand response mechanisms, but this opens the door to substantially more value for DERs."

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

Quick facts: CleanSpark Inc

Price: 10.9 USD

NASDAQ:CLSK
Market: NASDAQ
Market Cap: $238.01 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of CleanSpark Inc named herein, including the promotion by the Company of CleanSpark Inc in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

CleanSpark acquires energy software firm GridFabric to beef up its Demand...

CleanSpark Inc (NASDAQ:CLSK) CEO Zach Bradford tells Proactive the a diversified software and services company has completed a strategic acquisition of GridFabric LLC. Bradford says Cleanspark will utilize GridFabric's communications protocols as an integral part of its Demand Response...

on 09/01/2020

2 min read