Sunrun's Newest California Power Plant Delivers Essential Power to the Grid During Heat Wave

Rhea-AI Summary

Sunrun (Nasdaq: RUN), a leading clean energy subscription service provider, announced the successful activation of its CalReady power plant during California's recent heat wave. Over 16,000 Sunrun customers with solar-plus-storage systems contributed to strengthening the state's electrical grid and preventing blackouts. The batteries supplied an average of 48 megawatts each night for four consecutive evenings, peaking at 51 megawatts.

CalReady, the largest single-owner virtual power plant in California's Demand Side Grid Support program, operates daily from 4 to 9 p.m. through October. Sunrun customers enrolled in the program receive compensation for sharing their stored solar energy, while Sunrun is paid for dispatching the batteries. With nearly one million customers and over 102,000 installed storage systems, Sunrun demonstrates its capability to support local power grid needs across the country.

Positive

• Successful activation of CalReady power plant during heat wave
• 16,000+ customers contributed to grid stability
• Average 48 MW supplied nightly, peaking at 51 MW
• Largest single-owner virtual power plant in California's Demand Side Grid Support program
• Customers and Sunrun compensated for energy sharing
• Nearly 1 million customers and 102,000+ installed storage systems

Negative

• None.

Energy Market Analyst

The activation of Sunrun's CalReady virtual power plant during a heatwave highlights the significant role of distributed energy resources (DERs) in modernizing the grid. The ability to dispatch power from over 16,000 solar-plus-storage systems, contributing an average of 48 megawatts each evening, showcases a viable alternative to traditional, more polluting gas-fired peaker plants. This shift towards DERs not only reduces carbon emissions but also enhances grid reliability and resilience during peak times.

For investors, Sunrun's successful implementation of CalReady demonstrates the company's technological capability and strategic foresight. The compensation model—where both customers and Sunrun are paid for energy contributions—creates an attractive value proposition for potential customers, promoting further market penetration and customer retention. In the short term, this move may boost Sunrun's revenue and market share, while in the long term, it could position the company as a leader in decentralized energy solutions, potentially influencing regulatory and market trends towards more sustainable energy infrastructure.

Sustainability Expert

Sunrun's initiative with the CalReady virtual power plant represents a significant step towards sustainable energy management. By leveraging distributed home solar-plus-storage systems, the company is not only providing a decentralized solution to grid stress during peak demand but also reinforcing the importance of renewable energy integration. This approach mitigates the environmental impact of energy consumption during extreme weather conditions, aligning with broader climate goals.

From a sustainability perspective, this model exemplifies how consumer-level renewable energy systems can contribute to broader environmental benefits. It fosters a sense of community participation in energy sustainability, potentially driving higher adoption rates of solar-plus-storage systems. For stakeholders, this reinforces Sunrun's commitment to environmental stewardship, possibly enhancing the company's reputation and brand loyalty among eco-conscious consumers and investors.

More than 16,000 distributed home solar-plus-storage customers networked together to strengthen California’s electrical grid and prevent blackouts

SAN FRANCISCO, July 18, 2024 (GLOBE NEWSWIRE) -- Sunrun (Nasdaq: RUN), the nation's leading provider of clean energy as a subscription service, announced today that its CalReady power plant was activated to support California's power grid during the recent heat wave. Batteries from over 16,000 Sunrun customers' solar-plus-storage systems dispatched power for four consecutive evenings from July 9-12 during peak hours.

Sunrun customers' batteries supplied the grid with an average of 48 megawatts each night, enough to power up to 48,000 homes—a city the size of Santa Monica—and peaked at 51 megawatts, exceeding the capacity of several costly and polluting gas-fired peaker plants in California. Home solar and battery systems are modernizing, transforming, and strengthening the electric grid.

“We are so grateful that we can not only provide customers with a greater sense of energy independence, resilience, and affordability but that those same systems can support our communities to make California’s grid more reliable—especially as scorching heat puts extra stress on the grid this summer,” said Sunrun CEO Mary Powell. “By sharing their stored solar energy, Sunrun customers are boosting energy supplies, reducing energy costs for all Californians and preventing rolling blackouts.”

Sunrun’s CalReady is the largest single-owner virtual power plant in the state’s Demand Side Grid Support program, which is administered by the California Energy Commission. CalReady is available to support California’s grid each day from 4 to 9 p.m. through October—the time of day and season when there is the greatest demand for energy and the grid is most vulnerable to outages. Sunrun customers enrolled in CalReady are compensated for sharing their stored solar energy and Sunrun is paid for dispatching the batteries.

With nearly one million customers and over 102,000 installed storage systems, Sunrun has a proven track record of connecting customers to programs that support local power grid needs. Sunrun currently operates more than a dozen power plants across the country.

About Sunrun
Sunrun Inc. (Nasdaq: RUN) revolutionized the solar industry in 2007 by removing financial barriers and democratizing access to locally-generated, renewable energy. Today, Sunrun is the nation’s leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs. Sunrun’s innovative products and solutions can connect homes to the cleanest energy on earth, providing them with energy security, predictability, and peace of mind. Sunrun also manages energy services that benefit communities, utilities, and the electric grid while enhancing customer value. Discover more at www.sunrun.com

Media Contact
Wyatt Semanek
Director, Corporate Communications
press@sunrun.com

Investor & Analyst Contact
Patrick Jobin
SVP, Deputy CFO & Investor Relations Officer
investors@sunrun.com

FAQ

How many Sunrun customers participated in the CalReady power plant activation during the July 2024 heat wave?

Over 16,000 Sunrun customers with solar-plus-storage systems participated in the CalReady power plant activation during the July 2024 heat wave in California.

What was the average power output of Sunrun's CalReady power plant during the July 2024 heat wave?

Sunrun's CalReady power plant supplied an average of 48 megawatts each night to the California grid during the July 2024 heat wave, with a peak output of 51 megawatts.

When is Sunrun's (RUN) CalReady power plant available to support California's grid?

Sunrun's CalReady power plant is available to support California's grid daily from 4 to 9 p.m. through October, which is the time of day and season when energy demand is highest and the grid is most vulnerable to outages.

How many installed storage systems does Sunrun (RUN) have as of July 2024?

As of July 2024, Sunrun (RUN) has over 102,000 installed storage systems across its customer base.