from the power-distribution dept.
Submitted via IRC for Bytram
But now instead of being a large centralized battery system using Tesla's Powerpacks, the new project announced today is using Tesla's residential battery system, the Powerwall, to create decentralized energy storage, which basically results in creating a massive virtual power plant.
South Australia Premier Jay Weatherill announced the deal today – the biggest of its kind by far.
The 50,000 homes in the state will be fitted with 5 kW solar arrays and 13.5 kWh Tesla Powerwall 2 battery systems.
It will result in at least 650 MWh of energy storage capacity distributed in the state.
Tesla said in a statement:
"When the South Australian Government invited submissions for innovation in renewables and storage, Tesla's proposal to create a virtual power plant with 250 megawatts of solar energy and 650 megawatt hours of battery storage was successful. A virtual power plant utilises Tesla Powerwall batteries to store energy collectively from thousands of homes with solar panels. At key moments, the virtual power plant could provide as much capacity as a large gas turbine or coal power plant."
It will function much like Tesla's giant Powerpack system, which charges when demand and electricity rates are low and discharges when demand and prices are high.
Aims to install 5 kW solar arrays and 13.5 kWh Tesla Powerwall 2 battery systems in 50,000 homes by 2022.
If Elon Musk can increase Tesla's market value 12-fold in the next 10 years, he may be entitled to a maximum of $56 billion in stock awards (likely lower if more shares are sold to the public). This, along with the ballooning of Musk's existing $12 billion share in his company, and his stake in SpaceX and other companies, could help Musk become a Kardashev I trillionaire alongside Jeff Bezos:
A new payment plan for the CEO was approved by Tesla (TSLA) shareholders Wednesday, a spokesperson confirmed. The incentive-based package essentially states that if Musk hits a series of performance milestones between now and January 2028, and he drives his electric car company's market value 12 times higher — taking it from $54 billion to $650 billion — he'll become astronomically rich.
Now, if Musk does drive a 12-fold increase in Tesla's market value, that doesn't necessarily mean the price of a single share in the company will be 12 times larger. The company can do things like issue new stock that could dilute the value of existing shares. But let's assume Musk's Tesla stock would grow at least 10 times more valuable. That would mean just the shares Musk owns today would be worth $120 billion.
Plus, reaching the agreed upon milestones means Musk would get additional stock awards. According to the new compensation plan, Tesla estimates the value of the stock awards to be $2.6 billion, using accounting methods for estimating the cash value of stock options. But if Tesla's market value balloons just as the payment plan hopes, those stock awards could be worth nearly $56 billion, according to a public filing.
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