Itron and Xcel Energy Collaborate to Manage Growing Number of Distributed Energy Resources in Colorado

Rhea-AI Summary

Itron (NASDAQ: ITRI) announced a collaboration with Xcel Energy to manage distributed energy resources (DERs) in Colorado, focusing on residential battery energy storage. The partnership involves deploying Itron's Aggregator Distributed Energy Resource Management System (DERMS) from its Grid Edge Intelligence portfolio.

The system will support Xcel Energy's Renewable Battery Connect program, enabling the management of consumer-owned residential battery storage to optimize grid operations, enhance system reliability, and lower energy costs. Currently, 25% of U.S. homes with solar PV have battery energy storage. Itron's Grid Edge Intelligence portfolio manages 3 million DER devices for 30 utilities across the U.S.

Positive

• Managing 3 million DER devices for 30 utilities across U.S.
• Strategic partnership with major utility Xcel Energy
• Expansion into growing residential battery storage market

Negative

• None.

News Market Reaction

+0.95%

1 alert

+0.95% News Effect

On the day this news was published, ITRI gained 0.95%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Itron’s Grid Edge Intelligence Portfolio Provides Grid Support with Innovative Residential Battery Energy Management

LIBERTY LAKE, Wash., Dec. 19, 2024 (GLOBE NEWSWIRE) -- Itron, Inc. (NASDAQ: ITRI), which is innovating new ways for energy providers and cities to manage energy and water, announced today a collaboration with Xcel Energy to manage the growing number of distributed energy resources (DERs) in Colorado, including residential battery energy storage, to support grid flexibility and customer choice. As part of this collaboration, Xcel Energy has contracted with Itron to deploy an Aggregator Distributed Energy Resource Management System (DERMS) from Itron’s Grid Edge Intelligence portfolio to help manage DERs.

On average, 25% of all U.S. homes with solar PV also have battery energy storage. As consumer adoption of battery energy storage continues to grow, energy providers can use Aggregator DERMS to enlist consumer-owned residential battery storage at the edge of the grid as a resource to support the grid. Residential batteries, and other DERs, can help optimize grid operations, promoting greater system reliability, lower energy costs and increased customer choice to adopt solar generation and electric vehicles. Aggregator DERMS enables both aggregated management of DERs for tasks such as load balancing and demand response as well as localized management of DERs for managing solar panels, EV chargers and smart thermostats. Itron’s Aggregator DERMS allows Xcel Energy to use residential battery storage through its Renewable Battery Connect program to manage peak loads and to support reliable electric service to customers.

“As we lead the clean energy transition, Xcel Energy continues to make strides to deliver energy to our customers when and where they need it. Using our Virtual Power Plant program - Renewable Battery Connect, we can manage distributed energy resources to help our energy grid meet unprecedented increases in demand from a more electrified economy,” said Emmett Romine, VP Customer Energy & Transportation Solutions at Xcel Energy. “We’re delivering clean, reliable and resilient electricity to customers while keeping bills low, and we’re always looking for opportunities to use new technologies to benefit our customers.”

“Xcel Energy is an innovator in adopting and deploying systems that are ready for the increase in DERs. Our solution turns these customer-owned devices into grid assets, which is crucial for an electrified future,” said Don Reeves, senior vice president of Outcomes at Itron. “Itron’s Aggregator DERMS can lay the foundation for autonomous management of DERs, when used with distributed intelligence, to provide real-time visibility into the grid edge. This broader solution uses back-office analytics combined with DI edge computing that operates on a customer’s Itron electric meter directly. DI can connect to, and coordinate with the customer’s DER, such as battery storage, to continuously take advantage of stored energy in near real-time to protect customer and grid assets autonomously, which is an industry first.”

“Itron’s Grid Edge Intelligence portfolio currently manages 3 million DER devices for 30 utilities across the U.S. and helps solve the challenges of tomorrow by leveraging the power of grid edge intelligence. I look forward to our continued collaboration with Xcel Energy and supporting a grid that’s ready for the future of DERs.”

To learn more about Itron’s Grid Edge Intelligence portfolio, visit the solution page.

About Itron

Itron is a proven global leader in energy, water, smart city, IIoT and intelligent infrastructure services. For utilities, cities and society, we build innovative systems, create new efficiencies, connect communities, encourage conservation and increase resourcefulness. By safeguarding our invaluable natural resources today and tomorrow, we improve the quality of life for people around the world. Join us: www.itron.com.

Itron^® and the Itron Logo are trademarks of Itron, Inc in the United States and other countries and regions. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

For additional information, contact:

Itron, Inc.

Alison Mallahan
Senior Manager, Corporate Communications
509-891-3802
PR@Itron.com

Paul Vincent
Vice President, Investor Relations
512-560-1172
Investors@itron.com

Itron, Inc.

• LinkedIn: www.linkedin.com/company/itroninc
• X: www.x.com/itroninc
• Newsroom: https://itron.com/newsroom
• Blog: https://itron.com/blog

FAQ

What is the purpose of Itron's collaboration with Xcel Energy in Colorado?

The collaboration aims to manage distributed energy resources (DERs) in Colorado, particularly residential battery energy storage, to support grid flexibility and customer choice through Itron's Aggregator DERMS system.

How many DER devices does ITRI's Grid Edge Intelligence portfolio currently manage?

Itron's Grid Edge Intelligence portfolio manages 3 million DER devices for 30 utilities across the United States.

What percentage of U.S. homes with solar PV also have battery energy storage?

According to the press release, 25% of all U.S. homes with solar PV also have battery energy storage.

How will ITRI's Aggregator DERMS benefit Xcel Energy's customers?

The system will help optimize grid operations, promote greater system reliability, lower energy costs, and increase customer choice to adopt solar generation and electric vehicles.

What is Xcel Energy's Renewable Battery Connect program using ITRI's technology?

The Renewable Battery Connect program uses Itron's Aggregator DERMS to manage peak loads and support reliable electric service by utilizing residential battery storage.