Update From the Field - June 2022: the Iberian Peninsula
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Description
TABLE OF CONTENTS
Executive summary (5)
1. New regulations and initiatives discussed this month (6)
2. Project updates and announcements (7)
Overview of the 2021 & 2022 market for utility-scale energy storage projects (7)
Projects announced or contracted this month (8)
Projects commissioned this month (10)
Tenders this month (11)
3. Focus of the month: the Iberian Peninsula (14)
3.1. Introduction (14)
3.1.1. Electricity supply chain (14)
3.1.2. Electricity generation (15)
3.1.3. Installed and announced storage systems (17)
3.2. Energy storage systems set for new opportunities as regulatory frameworks evolve (18)
3.2.1. Introduction on ancillary services (18)
3.2.2. Primary reserve (19)
3.2.3. Secondary reserve (19)
3.2.4. Tertiary reserve (21)
3.2.5. Capacity Mechanism in Spain (23)
3.2.6. Arbitrage (day ahead – balancing mechanism) (23)
3.2.7. PV plus storage auctions (25)
3.3. Revenue stacking in the Iberian markets (27)
TABLE OF FIGURES
Figure 1: Utility-scale energy storage projects announced/contracted and commissioned in 2021 and 2022 (ongoing) (8)
Figure 2: Spain Electricity Supply Chain (14)
Figure 3: Portugal Electricity Supply Chain (15)
Figure 4: Installed capacity per technology in Spain (end 2021) (16)
Figure 5: Installed capacity per fuel in Portugal – end of 2021 (17)
Figure 6: Operational and announced energy storage capacities in Spain and in Portugal (18)
Figure 7: Operation of the system for frequency control (19)
Figure 8: Average aFRR reservation price in the Iberian Peninsula (21)
Figure 9: Average daily spread on mFRR in Spain and in Portugal (22)
Figure 10: Average daily spread on the DA market in Spain and Portugal (25)
Figure 11: Revenue stack in the Iberian peninsula for a 10MW/20MWh battery system (28)