The European Commission has stated that substantial investment in electricity storage is required as the share of renewable energy in energy consumption increases. Last year, EU countries agreed to almost double the share of renewables in the Union’s energy mix, aiming for a total of 42.5% by 2030 (22% currently). Significant infrastructure changes are required because energy sources such as wind and solar cannot be stored on as large a scale as energy produced from fossil fuels. Therefore, investment in electricity storage is crucial in order to meet climate ambitions. The Vice-President of Polish electricity producer Tauron, Patryk Demski, has said that the best way to meet the need for increased electricity storage is to create incentives for banks to invest. This could be achieved by way of a “European Energy Storage Bank”, citing the increased capital available in the field of hydrogen since the creation of the European Hydrogen Bank. The Hydrogen Bank has a reserve of €3 billion and will use public money to launch a series of pilot projects for the production and use of hydrogen in Europe.
To address this issue, the European Commission published its recommendations for energy storage in 2020, recognising the lack of resources currently committed to ensure greater deployment of energy storage.
Storage figures are growing rapidly across the EU, with 2.8GW (3.3GWh) deployed in 2022 alone, contributing to a total of over 9 GWh across the bloc, the European Commission said in its recommendations.