Description

TABLE OF CONTENTS

Executive summary (5)

1. New regulations and initiatives discussed this month (6)

1.1. Europe (6)

1.2. Australia (6)

2. Project updates and announcements (7)

2.1. Overview of the 2022 & 2023 market for utility-scale energy storage projects (7)

2.2. Projects announced or contracted this month (8)

2.3. Projects commissioned this month (10)

2.4. Tenders this month (11)

3. Focus of the month: Energy storage in Chile (12)

3.1. Capacity Market (13)

3.1.1. Capacity market evolution timeline (13)

3.1.2. Technical requirements to participate in the capacity market (15) 

3.2.  Frequency Regulation (16)

3.2.1. Services (16)

3.2.2. Remuneration structure (18)

3.2.2.1. Auction payements (19)

3.2.2.2. Cost overrun (19)

3.3.  Renewable Energy Auctions (21)

3.3.1. Renewable Energy Auctions from 2021 and 2022 (22)

3.3.2. Volume of generation awarded in the last Renewable Energy Auction & prices (2021) (24)

3.3.3. Volume of generation awarded in the last Renewable Energy Auction & prices (2022) (25)

3.4.  Power Purchase point (25)

TABLE OF FIGURES

Figure 1 - Utility-scale energy storage projects announced/contracted and commissioned in 2022 and 2023 (ongoing) (8)

Figure 2 - Evolution of the capacity market changes in Chile (13)

Figure 3 - Current Methodology on the capacity market (14)

Figure 4 - Transitional period of the capacity market (14)

Figure 5 - Changes between the technologies (15)

Figure 6 - Possible activation ramps for secondary reserve in Chile (18)

Figure 7 - Costs associated to ancillary services in Chile (18)

Figure 8 - Block structure (19)

Figure 9 - Revenues for each ancillary service (20)

Figure 10 - Forecast energy demand in Chile (22)

Figure 11 - Hourly blocks on the auctions (23)

Figure 12 - Volume of energy tendered in Chile (24)

Figure 13 - Awarded energy per country in the 2021 Renewable energy + storage auction (24)

Figure 14 - Awarded energy per country in the 2021 Renewable energy + storage auction (25)