GreenEnergyForEarth.com – Alternative Energy News and Green Products

Aug 26, 2008 – A PSEG, Public Service Electric & Gas Co., unit, announced today that it had formed a joint venture to develop a second generation of Compressed Air Energy Storage [CAES] technology, which stores off-peak energy in the form of compressed air in a reservoir that may be underground.  The CAES  technology then releases the energy during peak hours, thus allowing for arbitrage of the energy produced.  Also, energy may be stored for use when there a renewable source of energy, solar or wind, is not available.  Dr. Nakhamkin will be the Chief Technology Officer of the joint venture.  It is intended to license the technology to customers such as electric utility companies, independent power producers, wind developers and transmission owenrs.

PSGE said that this technology is the “missing piece of the puzzle for a green, affordable and reliable electric grid for the 21st century.”