en.Wedoany.com Reported - Spain joined the EU's first "tripartite agreement" this Friday to promote energy storage development. The initiative, jointly launched by governments, businesses, and financial institutions, aims to accelerate renewable energy integration, lower electricity prices, and enhance the flexibility and security of the power system, according to Brussels.
EU Energy and Housing Commissioner Dan Jørgensen stated that energy storage is the missing link in the transition to clean energy, and this new model of cooperation between industry and the public sector will bring more certainty to investors and provide greater visibility for projects. The agreement was signed during the EU Energy Ministers Council meeting in Luxembourg, bringing together multiple member states, energy storage project developers and manufacturers, renewable energy developers, energy-consuming industries, and financial institutions. The goal is to accelerate the deployment of energy storage solutions in the short term, making Europe's power system more efficient, flexible, and capable of providing cheaper electricity. The European Commission noted in a statement that simply increasing renewable energy is not enough; the operation of the energy system must also be optimized.
As part of the agreement, 22 member states have committed to adding a total of 30 to 35 gigawatts (GW) of energy storage capacity over the next two years. National governments will support the energy storage industry by removing barriers to its development, allowing national regulatory authorities to set or approve grid tariffs that reflect costs, are non-discriminatory, and incentivize flexibility. Additionally, governments will provide financial support for energy storage deployment and manufacturing when necessary, through national and European financing channels and in compliance with state aid rules, such as the Clean Industrial State Aid Framework.
Energy storage and renewable energy project developers will provide annual estimates of new projects and their scale. Energy-consuming industries commit to developing energy storage projects in their own facilities and providing clearer information on electricity usage times and volumes. Financial institutions will share experience from energy storage projects to make them more attractive to investors, and will collaborate with the European Investment Bank Group and each other to increase financing impact for energy storage solutions. The EU executive body will support governments in establishing financing plans, help decarbonize industry through channels such as the Industrial Decarbonization Bank, and explore ways to support energy storage deployment.
Brussels estimates that the EU will need approximately 200 GW of energy storage capacity by 2030 to meet energy system demands, compared to the approximately 55 GW of installed capacity at the beginning of this year.
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