Corre Energy has called on newly elected Members of the European Parliament and EU policy makers to implement long duration energy storage (LDES) friendly policies.
The LDES developer has called for a clear, stable, and supportive policy framework for the development of LDES projects across Europe.
Keith McGrane, CEO of Corre Energy, said: “The shift to renewable energy sources such as wind and solar power will increasingly expose us to periods characterised by an imbalance between supply and demand.
“LDES provides a viable solution to this challenge and charts a path towards a resilient, secure, sustainable, and affordable energy supply that can power Europe’s economy for the benefit of its 448 million citizens.
“We call for concerted action on behalf of elected officials and policy makers to facilitate a speedy roll out of LDES projects, in order to accelerate Europe’s transition away from fossils fuels.”
By maximising the integration and use of Europe’s renewable energy resources, LDES will reduce the cost of electricity generation by reducing consumption of costly fossil fuels, enhance security of energy supply, by reducing Europe’s dependence on imported fossil fuels and will cut emissions.
Corre Energy’s six key policy requests include establishing legal definitions and set targets for energy storage at the Member State level, creating a distinct asset class for energy storage within EU Member States’ legislation and streamlining storage permitting processes.
They also include adopting more flexible and realistic modelling approaches for energy storage needs to help capture the full value and benefits of energy storage assets, securing dedicated funding and streamlining the Connecting Europe Facility (CEF) for storage projects and establishing a best-practice hub for delivery of projects.