The European Association for Storage of Energy (EASE) recently published a study for estimating energy storage targets for 2030 and 2050. The results of the study shows that in order to support Europe’s climate targets, not only renewable energy sources must be taken into consideration, but also energy storage. The study highlights that there should be a greater focus on storage needs with the existing climate targets, especially due to the accelerated renewable buildout plan in Europe.
It is estimated that by 2050, at least 600 GW of energy storage will be needed in the energy system. This will require a ramp-up in storage deployment of at least 14 GW per year in the upcoming nine years. This is a large increase compared to the 0.8 GW per year of battery storage deployed in 2020. According to EASE, storage must become a political priority along with renewable energy sources. Without a strategy for storage, EU won’t be able to achieve a net-zero power system, meaning that exposure to fossil energy markets in that case will continue.
Read more here about the study and why storage must become a priority in relation to EU’s climate targets.