1.9GW of grid-scale battery storage was installed across the continent including the UK last year, LCP Delta said in a separate announcement a few weeks ago.
The continent is expected to install at least another 6GW of battery storage in 2023, LCP Delta said in the seventh edition of the European Market Monitor on Energy Storage (EMMES), published in partnership with the European Association for Storage of Energy (EASE).
By 2050, Europe is expected to install at least 95GW of grid-scale battery storage systems, according to separate figures from Aurora Energy Research. It says 5GW of grid-scale storage is online today.
Ryan Alexander, Research Lead, European Power Markets, Aurora Energy Research, commented: “Batteries represent an attractive investment opportunity in Europe’s energy sector—new projects are announced on a near-daily basis as developers seek to capitalise on the need for storage in the energy transition. There will undoubtedly be an early mover advantage for investors: the anticipated surge in demand for batteries over the next decades creates saturation risk, causing revenues to decline as markets become overcrowded.”