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This report by the Rocky Mountain Institute (RMI) analyzes the economic value of battery energy storage in the U.S. electricity grid, arguing that 'behind-the-meter' (customer-sited) deployment offers the highest potential value because it can provide the widest array of services. The authors identify thirteen fundamental services across three stakeholder groups—ISO/RTOs, utilities, and customers—and demonstrate through four case studies that 'stacking' multiple services (using a battery for several different purposes over its lifetime) is essential for achieving positive net economic benefits under current cost structures.