🔋 Battery storage in Europe expands significantly

🔋 Battery storage in Europe expands significantly

The demand for energy storage has reached new heights in Europe with over 10 GW of new installations last year. The capacity is predicted to increase sixfold by 2030, with a total capacity of over 120 GW.

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  • The demand for energy storage has reached new heights in Europe with over 10 GW of new installations last year.
  • The capacity for energy storage is expected to increase sixfold by 2030, with a total capacity of over 120 GW.
  • Battery prices are expected to decrease further, contributing to even more expansion.

Record year for energy storage

Last year, installations of new energy storage in Europe exceeded 10 GW in a year for the first time, reports Ny Teknik. This is more than a doubling compared to 2022 and significantly exceeds previous forecasts (unless you read Warp News, more on that below).

By the end of 2023, Europe had 20 GW of installed energy storage capacity, which is expected to sextuple by 2030.

The average storage duration for these energy storages is around 1.5 hours, but the report notes a trend towards longer storage durations with two hours and even four-hour projects becoming more common. A further positive development is the expected continued price decrease for batteries, partly driven by the increased rollout of electric vehicles.

Not surprising

If you read Warp News, this is not surprising. Before all this started, we showed what would happen. Through Wright's Law, one understands that the price of batteries has dropped and, above all, will continue to drop. This is partly driven by the increased production of electric vehicles.

Therefore, both home batteries and larger battery storage will become cheap and profitable.

At the same time, storage is needed to help solar and wind energy work well, while the old power grid needs to maintain the correct power. For this, batteries are perfectly suited.

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Warp NewsMathias Sundin

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