Europe has signed a pact to boost its energy storage capacity, aiming to strengthen energy security and maintain competitive prices for both the public and industries. Curious about the details of this deal? Consult the Euronews AI chatbot.
On 26 June, European energy ministers inked the EU’s inaugural tripartite agreement focused on expanding the energy storage capacity across the union, thereby enhancing Europe’s energy security.
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Europe aims to achieve a minimum of 42.5% renewable energy production by 2030. However, its current storage capabilities are insufficient to fully accommodate this target. The surplus energy that cannot be stored is lost, which leads to greater reliance on fossil fuel-based power generation.
Therefore, enhancing storage capacity plays a critical role in capturing excess renewable energy and deploying it during periods of low production. This capability aids in quickly responding to spikes in energy demand, decreases dependence on fossil fuels, and helps maintain affordable energy prices for both citizens and industries.
The European Commission notes that at present, the bloc possesses 55 gigawatts of storage capacity, whereas a capacity of 200 gigawatts will be necessary by 2030.
This agreement forms part of the Commission’s Affordable Energy Plan, bringing together financial institutions, producers of clean energy, and energy-consuming sectors to ensure steady energy demand, predictable pricing, regular storage forecasts, and access to funding.
Already, 22 member states have committed to increasing storage capacity by between 30 and 35 gigawatts by 2028. They have also consented to eliminate regulatory hurdles and provide financial incentives to accelerate storage project developments. An additional five member states are expected to participate by the year’s end.
The Commission will oversee the agreement’s implementation and review progress annually until 2028.
For insights into how this pact benefits both the public and industries, consult the Euronews AI chatbot.