How electricity storage can transform European energy markets
The drive for decarbonisation coupled with competitiveness of renewable power generation has transformed the electricity markets in Europe in recent years. More recently, another substantial transformation is emerging in the form of proliferation of energy storage. The cost of energy storage systems, particularly batteries, is falling rapidly. According to The International Renewable Energy Agency (IRENA) the installed cost of battery storage systems could fall by 50-66% resulting in at least seventeen-fold growth by 2030.
Driven by its growing economic attractiveness, as well as its widespread applications in future electricity systems, electricity storage is poised to play a crucial role in enabling the next phase of transition to a smart energy system. Electricity storage, from the batteries in solar home systems to those in electric vehicles, can provide the flexibility that electricity systems need to further accelerate the deployment of renewable energy. Inevitably, this will have knock-on effects on various market players across Europe.
Therefore, the key questions are: how will electricity storage shape the European electricity market in the years to come? And, who could emerge as the potential winners or losers?
For market players, the challenge lies not only in understanding the impact of such a transformation, but also in re-evaluating their strategies, operational as well as growth, to successfully embrace the change. For it is not the strongest, but rather the most adaptable, that thrive in times of change.
Join ABB's energy market experts for an analysis of this ever-evolving landscape of European energy. Whether you are:
- an energy producer or trader
- an investor in renewables or emerging technologies
- an electric car manufacturer or planning to develop charging infrastructure in your grid
- a large electricity consumer
- keen to learn more about the latest market trends
You will come away with real-world, hard-hitting, actionable takeaways to help you make the right strategic and operational decisions for your business.
Presented by
Dr Anser A. Shakoor,
Principal Consultant, Advisory
Dr. Anser Shakoor is a Principal Consultant at ABB's Energy Portfolio Management. His industry experience spans electricity generation with special focus on renewable generation and emerging technologies, transmission, distribution, wholesale markets and smart grid.
Anser's recent client engagements have been on optimizing operations and strategic investments, assessing market risks and opportunities based on in-depth analysis of electricity systems and markets in Europe, North America and the Middle East.
