The reduction of CO2 emissions is an important but challenging goal for the countries in the European Union. Current technology, business models, consumer behavior and regulation will not suffice. Deep investments in new technology and innovative solutions are needed – including a new market design. An energy system driven by renewable energy sources needs to be flexible and decentralised and this requires energy to stored and converted.
Energy storage is the backbone of the energy transition: as the missing link between intermittent renewable power and 24/7 reliability, to relieve net congestion and smooth out the variations in power and to create a more flexible (micro) grid. Technology development and business innovation make solutions feasible and scalable, with cost of storage falling. Despite the consensus about the need for a more flexible energy system, the market is slow to develop. This is a concern, as it may cause knowledge and expertise to move away to where market and investment are more readily available. Taking with them the talent and innovative solutions we need. Not just to get us out of the current crisis, but to address the longer term climate crisis facing us.
