Europe's Energy Storage Needs Double by 2030

Europe's energy storage capacity faces rapid expansion to ensure grid stability. Volatile electricity prices, influenced by renewable energy fluctuations, drive the need for increased storage. A report highlights that Europe currently possesses 90 GW of energy storage. Experts project this capacity will more than double by 2030, integrating storage as a core component of the energy infrastructure. While renewable energy production increases, grid congestion and redispatching costs pose significant challenges. These costs, potentially reaching €100 billion annually by 2040 without intervention, burden consumers. Energy storage enables the utilization of inexpensive renewable energy during peak production. Stored energy can then be sold when demand, and prices, increase. Association Energy Storage Europe emphasizes the importance of clear market signals and supportive policies. These measures are vital to unlock energy storage's potential to bolster Europe's competitive edge. Strategic policy implementation will be key to maximizing the benefits of energy storage and mitigating associated costs.