Update From the Field - October 2023: What is the impact of support schemes for storage on the European markets?
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Description
TABLE OF CONTENTS
Executive summary (5)
1. New regulations and initiatives discussed this month (6)
1.1. America (6)
1.2. Europe (8)
2. Project updates and announcements (10)
2.1. Overview of the 2022 & 2023 market for utility-scale energy storage projects (10)
2.2. Projects announced or contracted this month (11)
2.3. Projects commissioned this month (12)
2.4. Tenders this month (13)
3. Focus of the month: What is the impact of support schemes for storage on the European markets? (14)
3.1. Storage Push In Europe: there is a miss-alignment between political objectives & market signals (PICASSO) (14)
3.2. Existing mechanisms that support storage (15)
3.2.1. Capacity mechanism (16)
3.2.2. CAPEX Subsidies under the recovery and resilience facility (18)
3.2.3. Recuring revenues (19)
3.2.3.1. Contract for difference for storage (19)
3.2.3.2. Wholesale revenue premium (20)
3.3. These mechanisms support the bankability of storage projects, but in many situations also accelerate the cannibalization of lucrative markets (20)
3.4. The paradigm of storage development strategy is likely to be deeply modifies by the subsidy schemes (23)
TABLE OF FIGURES
Figure 1 - Utility-scale energy storage projects announced/contracted and commissioned in 2022 and 2023 (ongoing) (10)
Figure 2 - 2030 objectives compared to 2023 installed capacity (15)
Figure 3 - Battery system capacity market remuneration for the last available auction held in the corresponding country (18)
Figure 4 - Percentage of overall project costs covered by considered scheme depending on country (21)
Figure 5 - Ancillary services market depth vs volume of storage deployed thanks to scheme (23)