Renewable energy projects featuring battery storage could challenge fossil fuels in the area of dispatchable power as the cost of electricity from lithium-ion batteries has fallen by more than two-thirds since 2012.

The utility will leverage real estate lease payments and energy market revenues to develop more front-of-meter storage.

The bill, expected to be signed by Gov. Ricardo Rosselló​, would ban coal plants by 2028 while setting a 2050 target for going fully renewable.

The utility had placed the units in cold storage, but now says it will permanently close them as there is little chance they can be profitable in today's cleaner energy markets.

When combined with a sale of its New England gas assets, Emera will have raised about $1.57 billion, which will be used to reduce debt and support a $4.85 billion regulated capital program.