Eu invests in energy storage

Why should the EU invest in energy storage?

Now, the EU must do the same for energy storage, particularly LDES, to ensure delivery of these renewables reliably and affordably. LDES projects will not only smooth energy generation and create a more reliable and resilient grid, but they will also save money and help create a more politically stable European Union.

How much does the EU spend on energy storage?

It’s not a case of penny-pinching: the EU spent $341 billion last year on deploying clean technologies — a 35% increase from the year before, according to BloombergNEF. Energy storage, for utilities and individual users, accounted for $8.4 billion of that -– a 64% increase in the same period.

Does Europe need energy storage?

Europe has set ambitious targets for renewables. Now, the EU must do the same for energy storage, particularly LDES, to ensure delivery of these renewables reliably and affordably.

What does the European Commission say about energy storage?

The Commission adopted in March 2023 a list of recommendations to ensure greater deployment of energy storage, accompanied by a staff working document, providing an outlook of the EU’s current regulatory, market, and financing framework for storage and identifies barriers, opportunities and best practices for its development and deployment.

How big will energy storage be in the EU in 2026?

Looking forward, the International Energy Agency (IEA) expects global installed storage capacity to expand by 56% in the next 5 years to reach over 270 GW by 2026. Different studies have analysed the likely future paths for the deployment of energy storage in the EU.

Why should EU countries consider the 'consumer-producer' role of energy storage?

It addresses the most important issues contributing to the broader deployment of energy storage. EU countries should consider the double 'consumer-producer' role of storage by applying the EU electricity regulatory framework and by removing barriers, including avoiding double taxation and facilitating smooth permitting procedures.