The report Europe Energy Storage Landscape 2018 authored by Wood Mackenzie Power & Renewable Senior Research Analyst Rory McCarthy probes into the European energy storage market. The report explains in detail how the shift between investing in and developing energy storage across Europe has been a slow progress.
“By investing in energy storage, these companies are able to diversify their portfolio and improve their customer offering by including a clever piece of technology alongside a necessary service,” said Rory McCarthy. “Although there are obvious gaps across Europe as policy makers struggle to keep pace with new technology, energy storage deployments continue to ramp up. Europe is now a very real contender for that global top spot in terms of total deployments.”
In case of Europe’s residential energy storage market, Germany is leading the way, according to McCarthy. However, Italy has also introduced a program to accelerate the country’s market, followed by Ireland, which has initiated a “solar + storage grant program alongside the Transmission System Operator (TSO) storage frequency response tender in February of next year,” reports CleanTechnica.
“Wood Mackenzie models an impressive 54% reduction in the levelised cost of residential solar-plus-storage in Germany since 2013, but it is still some way above electricity costs of €0.30 in the country. It’s essential these two points meet before the economics begin to look attractive. However, the economics are not the deciding factor for the early adopters who are willing to accept the high-cost premium for a piece of technology which can simultaneously de-risk future bill increases and include them in the energy transition,” he added.