Europe signed an agreement to expand its energy storage capacity to improve energy security and keep prices competitive for citizens and industries. But what does the agreement cover? Ask the Euronews AI chatbot.
European energy ministers signed the EU’s first-ever tripartite agreement on 26 June to expand the bloc’s energy storage capacity and strengthen Europe’s energy security.
ADVERTISEMENT
ADVERTISEMENT
Europe wants to reach at least 42.5 per cent of renewable energy production by 2030. Its storage capacity remains insufficient to fully absorb it. The extra energy that Europe cannot store is wasted, forcing it to increase fossil-fuel power generation.
This is why expanding storage capacity is important for absorbing surplus energy from renewables and using it when production drops during off-peak periods. It helps to respond rapidly to increases in energy demand and reduce dependence on fossil fuels, while keeping energy prices affordable for citizens and industries.
The Commission reports that the bloc currently has 55 gigawatts of energy storage capacity but will need 200 gigawatts by 2030.
The agreement is part of the Commission’s Affordable Energy Plan. It brings together financial institutions, clean energy producers and energy-consuming industries to ensure stable energy demand, predictable costs, annual energy storage forecasts, and access to finance.
22 member states have already promised to add between 30 and 35 gigawatts of new storage capacity by 2028. They also agreed to remove regulatory barriers and provide financial support to speed up the construction of storage projects. Five additional member states are expected to join by the end of the year.
The Commission will lead the implementation of the agreement and track progress annually until 2028.
Are you curious about how the agreement can benefit citizens and industries? Ask the Euronews AI chatbot!