Europe’s energy storage outlook is beginning to pale in comparison to its global counterparts. As deployments are ramping up in major markets, particularly the US and China, it is almost impossible to imagine similar developments occurring in Europe. Europe will continue to possess higher proportions of variable renewable energy –wind and solar – than any other region in the world. We have already witnessed low and negative power prices in the region during coronavirus lockdowns earlier this year as a result of variable renewables. This points to a lack of system flexibility, a sign of what’s to come. If we look at the US, which is the largest storage growth market, the pipeline in this region has the potential to make up 49% of global cumulative GWh capacity by 2030.
Recharge 9th Nov 2020 read more »