European energy storage is weak

Will Europe have a low gas storage capacity in 2023-24?

A recent analysis by Paula Di Mattia, European gas market analyst at commodities consultancy ICIS, also showed that in five out of seven scenarios, Europe could head into the winter of 2023-24 with gas storage sites at only 65 per cent of capacity, the lowest level at that point since at least 2016, when records began.

Is Europe loosing the grip of Russia over its energy sector?

Quite the opposite, Europe ended winter with a remarkable milestone for its energy sector: EU gas storages were almost 60% full, a record amount. This didn't grab the headlines, but it matters. Because it shows that Europe has finally loosened the grip that Russia had over its energy sector.

How much energy storage will Europe have in 2022?

Many European energy-storage markets are growing strongly, with 2.8 GW (3.3 GWh) of utility-scale energy storage newly deployed in 2022, giving an estimated total of more than 9 GWh. 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.

Why does the UK have a low storage capacity?

The UK faces similar issues. It has much lower storage capacity than most countries in Europe — a legacy of being energy independent in the heyday of North Sea supplies — a position that has been worsened by the shutdown of the Rough storage facility, off the east coast of England, three years ago.

Will Europe's energy crisis continue?

Shotaro Tani in London, Leslie Hook and Harry Dempsey in Singapore Simply sign up to the Energy crisis myFT Digest -- delivered directly to your inbox. Europe’s energy crisis is set to persist for years if the region fails to reduce demand and secure new gas supplies, according to fresh warnings from energy industry executives and analysts.

How many GW of energy storage will Europe have in 2050?

Different studies have analysed the likely future paths for the deployment of energy storage in the EU. These studies point to more than 200 GW and 600 GW of energy storage capacity by 2030 and 2050 respectively (from roughly 60 GW in 2022, mainly in the form of pumped hydro storage).