A stable regulation is necessary for the development of energy storage technologies that are going to be key and essential for the energy transition towards 100% renewable electricity generation. Members of MITECO will analyse the financing opportunities for these facilities in the next webinar organised by AleaSoft Energy Forecasting.
Much was discussed and published about how important energy storage technologies are going to be for the energy transition towards 100% renewable electricity generation and an economy without greenhouse gas emissions. But, while the installation of new renewable energy capacity continues to advance at dizzying rates, 43% more photovoltaic energy capacity and 6% more wind energy capacity in the last 18 months, it seems that storage has not just started.
Financing opportunities for energy storage
A crucial issue in this energy transition and, in its first step, the achievement of the objectives of the Integrated National Energy and Climate Plan (NECP) for 2030, is the projects financing. Some estimates value the investments needed to meet the 2030 targets at more than one hundred billion Euros. Without clear regulation for storage technologies in the Spanish electricity market, their explosion has not yet begun.
To analyse the financing opportunities for energy storage within the framework of the Recovery, Transformation and Resilience Plan, Miriam Bueno Lorenzo, General Deputy Director for Prospective, Strategy and Regulations in Energy Matters of the Ministry for the Ecological Transition and the Demographic Challenge, will participate in the analysis table of Spanish version of the webinar of April organised by AleaSoft Energy Forecasting. In addition, there will also be the participation of Raúl García Posada, Director of the Spanish Association for Energy Storage (ASEALEN).
Opportunities for storage participation in energy markets
The opportunities for participation and the role that storage technologies are going to play in the electricity system in the coming years are becoming more obvious and clearer. From the dreaded curtailment of renewable energies, which has even begun to occur in photovoltaic energy, to steep price drops during renewable energy production peaks, times when energy storage will have a significant impact on the operation of the future electricity system.
In the graph, it can be seen how hourly price differences of more than €100/MWh within the same day became relatively common in the Iberian electricity market. These price differences are an opportunity for energy storage technologies. In addition, these will also be very important in the adjustment services to provide a rapid response to the needs of balancing the electricity system.
Source: Prepared by AleaSoft Energy Forecasting based on the prices published by OMIE.
There are several technologies capable of storing energy and more will appear over time: from batteries to reversible hydroelectric plants, through green hydrogen. All of them by themselves or in hybrid systems with renewable energy plants will make it possible to store energy in large quantities for a few hours or even for several months, being the necessary support for the daily and seasonal variability of renewable energies.
The needs of these new “storage plants” or “renewable energy plants with storage” will require price, demand and thermal gap forecasts, to optimise their operations in the short?, mid? and long?term.
AleaSoft Energy Forecasting’s analysis on the prospects for energy markets in Europe and the renewable energy projects financing
The webinar organised by AleaSoft Energy Forecasting where the role of energy storage will be analysed will take place on April 21. In addition, as usual in this series of monthly webinars, an analysis of the evolution and prospects of the energy markets in Europe will be carried out, where the possible consequences of the proposal to limit the gas price in the Iberian electricity market will be analysed.