The Renewable Read | June 2, 2021

June 02, 2021

Battery/Energy Storage Systems Update Part One

 

The energy storage industry has arrived. Energy storage is poised for exponential growth in the next five to 10 years. Consider these critical questions for your energy storage plans:

  • How will you fund your energy growth plans?
  • Does your energy storage growth plan address potential insurance costs?
  • Does your energy storage growth plan assume asset useful life projections that are too long?
  • Do your lender agreements include insurance provisions that were developed in a soft market instead of a hard market?
  • Have you met your builders’ risk and/or operational insurance underwriters to discuss your current projects and near-term energy storage growth plans?
  • Does your energy storage growth plan address potential project derating due to national and local building and fire code requirements?
  • Do you know the underwriting perception of your EPC contractor and equipment manufacturers?
  • Does your insurance brokerage team include resources who can advise you about future building and fire code requirements that impact your current and future projects?

At Beecher Carlson, we help our clients answer these and many other critical questions concerning the rapidly growing energy storage sector. We utilize experienced advisors such as Mark Mirek, who serves as a strategic advisor within the energy storage space.

Mark draws upon his experience with utility scale energy storage systems since 2014. He currently serves as a voting member on the NFPA 855, the global asset protection standard for energy storage systems, technical committee. Mark is the only insurance broker representative on the NFPA 855 technical committee.

Mark Mirek has more than 25 years of industry experience in the traditional power, renewable energy, and utilities space. He currently serves as Senior Managing Director within the Beecher Carlson Energy practice. Mark joined the Beecher Carlson Energy practice in 2010 and helped build the practice through providing technical thought leadership, critical engineering services, and insurance placement services.