Update From the Field - May 2021: Capacity markets throughout the world and associated revenues for storage

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Make the most of our analysis concerning key data and trends in the energy storage industry worldwide

Description

 

TABLE OF CONTENTS

 

Executive summary (2)

New regulations and initiatives discussed this month (5)

Americas (5)

United States (5)

Europe (5)

Spain (5)

Oceania (5)

 Australia 5

 

Project updates and announcements (6)

Overview of the 2021 market for utility-scale energy storage projects (6)

Projects announced or contracted this month (6)

Europe (8)

Projects commissioned this month (8)

Americas (8)

 

Africa (9)

Tenders this month (10)

Asia (10)

Europe (10)

Americas (10)

 

Focus of the month: Capacity markets throughout the world and associated revenues for storage (12)

Capacity markets and their origins (12)

Examples of existing capacity markets and what’s in it for storage (12)

Great Britain capacity market (12)

Auction, contract duration (12)

Design principle, obligations (13)

Specificities for storage (14)

The ISO-New England (USA) capacity market (15)

Auction, contract duration (15)

By partaking in scarcity events, energy storage can benefit from an additional but shy revenue stream (16)

Latest updates regarding the ISO-NE capacity market (18)

Specificities for storage: the set-up of an Effective Load Carrying Capability (ELCC) (18)

French capacity market (19)

French capacity market auctions (19)

Clearing prices of the French capacity market (19)

Specificities for storage (20)

New capacity markets for storage (21)

Spain is in the process of setting up their new capacity market (21)

Chile’s new capacity market rules allow storage to participate (21)

Belgium (23)

 

TABLE OF FIGURES

 

Figure 1: Utility-scale energy storage projects announced/contracted and commissioned in 2020 and 2021 (ongoing) (6)

Figure 2: Volumes contracted in Great Britain through the capacity mechanism (13)

Figure 3: Evolution of storage de-rating factors in Great Britain (14)

Figure 4 Results of the ISO-NE annual Forward Capacity Auctions (15)

Figure 5: French capacity market design (19)

Figure 6: Prices of the French capacity mechanism (19)

Figure 7: Projects awarded long term French capacity market contracts (20)

Figure 8: French de-rating factor for energy storage systems (20)

Figure 9 - T-1 and T-4 auction calendars (23)