How attractive are Central Western Europe''s markets for battery
Magnus Energy analysed the attractiveness of battery storage markets in Central Western Europe.
A new analysis from the latest European Market Outlook for Battery Storage shows that Europe experienced another record-breaking year for battery storage installations, even though the year-on-year growth rate has slowed.
Europe's battery storage market faces global competition. China led installations in 2023 with 35 GWh deployed, backed by large subsidies and supply chain dominance. The United States aims to deploy 700 GWh of energy storage capacity by 2030, as recommended by the Solar Energy Industries Association (SEIA).
Years of strong solar growth and high gas prices have increased electricity price volatility across the EU, strengthening opportunities for battery storage. In turn, batteries can increase power demand at peak solar times, supporting solar revenues.
Europe needs a clear Energy Storage Action Plan to increase its renewable energy capacity. This initiative could tackle the slowdown in growth rates. It also offers a clear plan to improve energy storage infrastructure across the continent. Walburga Hemetsberger, CEO of SolarPower Europe, highlighted this, saying:
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