California lawmakers are advancing SB 567, a pilot to convert up to 250 idle oil and gas wells into gravity-based energy storage—using weights lowered and raised inside sealed wellbores to store and discharge electricity.
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On February 22, 2025, in Bac Ai District, Ninh Thuan Province, Electricity of Vietnam (EVN) and Power Project Management Board No. 3 organizing the Groundbreaking Ceremony for construction of Bac Ai Pumped Storage Hydropower Project – Phase 2.
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Global finance is now backing utility-scale battery projects, proving long-duration storage is a bankable asset for grid stability. The Elena hybrid power plant in Chile secured US$270 million in financing from major international banks, signaling a critical shift in energy project.
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The eastern Caribbean island nation is procuring 60 MW of battery energy storage systems in its first such tender.
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