Update From The Field December 2018:
The Nordics, a small market with possible high revenue streams available

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Description

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Table of contents

Executive Summary (2)

Table of figures (4)

New regulations and initiatives discussed this month (5)

Americas (5)

United States (5)

Europe (5)

United Kingdom (5)

Switzerland (5)

Asia (6)

United Arab Emirates (6)

Projects updates and announcements (6)

Overview of the 2018 market for utility-scale energy storage projects (6)

Projects announced or contracted this month (7)

Projects commissioned this month (10)

Focus of the month: The Nordics, a small market with possible high revenue streams available (12)

Finland (12)

A highly remunerative Frequency Containment Reserve market (13)

A regulatory context becoming more favorable to energy storage (18)

Denmark (18)

Two distinct FCR markets, both showing opportunities for energy storage (18)

Operational and announced projects and initiatives regarding energy storage in Denmark (21)

Sweden (21)

Behind-the-meter residential energy storage systems are gaining momentum in Sweden thanks to governmental incentives (21)

The frequency regulation market shows interesting potential revenues, but is not explicitly open to energy storage (22)

The current regulatory framework is unclear concerning energy storage, and creates barriers to the deployment of energy storage (23)

Norway (24)

 

Table of Figures

Figure 1: Utility-scale energy storage projects announced/contracted and commissioned in 2017 and 2018 (ongoing) (6)

Figure 2: Nordic countries presenting opportunities for large-scale energy storage (12)

Figure 3: Frequency Containment Reserve products available in the Nordic countries (13)

Figure 4: Volume and prices observed on the yearly FCR-N market in Finland (14)

Figure 5: Evolution of the prices observed on the hourly FCR-N market in Finland in 2018 (15)

Figure 6: Duration curve of the volumes procured on the Finnish hourly FCR-N market in 2018 (16)

Figure 7: Expected unleveraged IRR of an energy storage project taking part in the FCR-N markets in Finland (17)

Figure 8: Separation of the two bidding zones in Denmark (19)

Figure 9: Evolution of the average price observed on the Danish FCR-N price (20)

Figure 10: Evolution of the average prices observed on the FCR-N market in Sweden (22)