Description

TABLE OF CONTENTS

Executive summary (5)

New regulations and initiatives discussed this month (7)

Project updates and announcements (8)

Overview of the 2021 market for utility-scale energy storage projects (8)

Projects announced or contracted this month (9)

Projects commissioned this month (11)

Tenders this month (12)

Focus of the month: Renewable plus storage around the world (16)

3.1. Global trends (16)

3.2. Drivers for renewable-plus-storage worldwide (19)

3.2.1. European market structure does not favor collocation (19)

3.2.2. In the US several drivers are identified for PV plus storage (24)

3.2.3. Africa’s weak grids lead to an opportunity for PV + storage (29)

3.2.4. Australia (31)

3.2.5. In Southern America, Chile leads PV plus storage deployments (33)

3.3. Business case for PV plus storage in US & Chile (34)

TABLE OF FIGURES

Figure 1: Utility-scale energy storage projects announced/contracted and commissioned in 2021 and 2022 (ongoing) (9)

Figure 2 – Overview of the share of both the stand-alone BESS and the BESS + Res projects (percentage of the capacity in MW) around the world gathering announced, under construction and operational projects (16)

Figure 3 – Categorizing contractual arrangements for storage (17)

Figure 4 – Evolution of energy costs and sizing of storage systems (18)

Figure 5 - Illustration of the load shifting strategy (19)

Figure 6 - PV + storage system 35 MW/ 70 MWh BESS dispatch on FCR and load shifting (21)

Figure 7 - PV + storage system 35 MW/ 70 MWh BESS dispatch on aFRR and load shifting (22)

Figure 8 - Future Innovation Tender auctions (23)

Figure 9 – 2020 auction capacity awarded with the different options including PV + storage in Portugal (24)

Figure 10 – Total Renewable-plus-storage capacity (excluding stand-alone storage) in North America gathering announced, under construction and operational projects (25)

Figure 11 – Total Renewable-plus-storage capacity in North America gathering announced, under construction and operational projects (25)

Figure 12 –Map of efforts, mandates, and targets established by states for energy storage (26)

Figure 13 –Current ITC phase-out schedule for utility-scale projects (27)

Figure 14 – SGIP incentives for large-scale systems (28)

Figure 15 – Total Renewable-plus-storage capacity (excluding stand-alone storage) in Africa gathering announced, under construction and operational projects (30)

Figure 16 – Total Renewable-plus-storage capacity in Africa gathering announced, under construction and operational projects (30)

Figure 17 – Renewable-plus-storage Production profile under the South Africa PPA (31)

Figure 18 – Total Renewable-plus-storage capacity (excluding stand-alone storage) in Europe gathering announced, under construction and operational projects (31)

Figure 19 – Total Renewable-plus-storage capacity in Australia & Oceania gathering announced, under construction and operational projects (32)

Figure 20 – Total Renewable-plus-storage capacity (excluding stand-alone storage) in Europe gathering announced, under construction and operational projects (33)

Figure 21 – Total BESS-Plus-Renewable’s capacity in Southern America gathering announced, under construction and operational projects (34)

Figure 22 – Assumptions for Gemini solar project in USA and Pelequen solar-plus-storage project in Chile (35)

Figure 23 – Energy cost for some given projects in US and Chile (36)

Figure 24 – LCOE and PPA comparison for Gemini solar project (36)

Figure 25 – LCOE and PPA comparison for Pelequen solar-plus-storage project (36)

TABLE OF TABLES

Table 1 - Accessible revenues for various scenarios for PV + storage system (20)

Table 2 - Portugal’s Solar PV deployment agenda according to its National Energy and Climate Plan (2019) (24)

Table 3 - List of the main storage revenues stream in United States - Source: CHESS (announced, under construction and operational projects from 2018 and for those whose revenue streams are unveiled) (27)

Table 4 - List of the main storage revenues stream in Australia - Source: CHESS (announced, under construction and operational projects from 2018 and for those whose revenue streams are unveiled) (32)

Table 5 – Daily average spread on the wholesale market in Australia per region in the NEM market (33)