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installations","energy-storage-is-fastest-growing-battery-market-as-government-policy-boosts-installations","article/energy-storage-is-fastest-growing-battery-market-as-government-policy-boosts-installations",{"_uid":547,"date":548,"tags":549,"editor":553,"content":563,"excerpt":691,"featured":50,"reporter":692,"_editable":696,"component":697,"seo_title":543,"categories":698,"visibility":705,"author_company":49,"featured_image":706,"seo_description":691,"author_full_name":49,"author_job_title":49,"formattedDate":710,"formattedArticleDate":711},"6ffe380f-09d2-493e-a7b7-f82e857d956a","2023-03-29 00:00",[550],{"slug":551,"name":552},"battery-gigafactories-europe-2023","Battery Gigafactories Europe 2023",[554],{"slug":555,"name":556,"content":557},"didi-bostock","Didi Bostock",{"job_title":558,"image":559,"bio":561,"linkedin":562},"Editor - Energy Transition & Economics",{"filename":560},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":564,"content":565},"doc",[566,581,586,591,596,601,606,611,620,629,634,639,644,649,654,666,671,676,681,686],{"type":567,"attrs":568,"content":569},"paragraph",{"textAlign":49},[570,579],{"text":571,"type":572,"marks":573},"Energy storage","text",[574],{"type":575,"attrs":576},"link",{"href":577,"uuid":49,"anchor":49,"target":49,"linktype":578},"https://source.benchmarkminerals.com/article/how-do-europes-energy-storage-incentives-compare-to-the-usas-ira","url",{"text":580,"type":572}," demand could double again this year as government policy support in the US, China, and Europe boosts installations, Rho Motion told the Benchmark Gigafactories conference in Budapest. ",{"type":567,"attrs":582,"content":583},{"textAlign":49},[584],{"text":585,"type":572},"Energy storage installations globally almost doubled in 2022 from a year earlier to 75 gigawatt hours, according to Rho Motion. This includes grid as well as behind-the-metre energy storage. ",{"type":567,"attrs":587,"content":588},{"textAlign":49},[589],{"text":590,"type":572},"Increasing renewables penetration into the electricity mix necessitates the deployment of energy storage. Lithium ion batteries will play a major role in both behind-the-metre as well as grid-scale energy storage.",{"type":567,"attrs":592,"content":593},{"textAlign":49},[594],{"text":595,"type":572},"Demand for batteries from the energy storage sector is forecast to increase 460% between 2022 and 2030, according to Benchmark’s Lithium ion Battery Database.",{"type":567,"attrs":597,"content":598},{"textAlign":49},[599],{"text":600,"type":572},"“It really comes down to policy,”  Iola Hughes, an analyst at Rho Motion, said at Benchmark’s Gigafactories Europe event in Budapest. “Since 2020 the market has experienced a 50% annual growth rate.”",{"type":567,"attrs":602,"content":603},{"textAlign":49},[604],{"text":605,"type":572},"Although energy storage demand is still only around 10% of EV battery demand, the share of the market taken by energy storage could rise beyond 15% this decade.",{"type":567,"attrs":607,"content":608},{"textAlign":49},[609],{"text":610,"type":572},"“Energy storage is the fastest growing battery market right now,” Hughes said. ",{"type":567,"attrs":612,"content":613},{"textAlign":49},[614],{"type":615,"attrs":616},"image",{"id":49,"alt":617,"src":618,"title":49,"source":49,"copyright":49,"meta_data":619},"","https://a.storyblok.com/f/287943243085208/44c742f12e/bm-image-119-1344124c10bc.png",{},{"type":621,"attrs":622,"content":624},"heading",{"level":623,"textAlign":49},4,[625,627],{"text":626,"type":572},"Policy ",{"text":628,"type":572},"steps up a gear",{"type":567,"attrs":630,"content":631},{"textAlign":49},[632],{"text":633,"type":572},"Governments around the world have approached the challenge of increasing the deployment of energy storage with a variety of approaches. ",{"type":567,"attrs":635,"content":636},{"textAlign":49},[637],{"text":638,"type":572},"China has direct legislation in which at least 5-20% (depending on province) of renewable energy project capacity must be matched with two to four hour duration energy storage, the ideal use case for lithium ion batteries.",{"type":567,"attrs":640,"content":641},{"textAlign":49},[642],{"text":643,"type":572},"Installations of energy storage for the grid in China grew by close to ten times last year, according to Rho Motion. ",{"type":567,"attrs":645,"content":646},{"textAlign":49},[647],{"text":648,"type":572},"In the US, the Biden government has massively boosted the energy storage industry through the Inflation Reduction Act. Standalone energy storage can receive up to 30% of the investment back as tax credits. ",{"type":567,"attrs":650,"content":651},{"textAlign":49},[652],{"text":653,"type":572},"There are also production tax credits worth up to $45 per kilowatt-hour for battery cells and battery packs which has the potential to significantly reduce production costs and increase price competitiveness when compared to China.",{"type":567,"attrs":655,"content":656},{"textAlign":49},[657,659,664],{"text":658,"type":572},"Europe has been ",{"text":660,"type":572,"marks":661},"slower to act on energy storage policy",[662],{"type":575,"attrs":663},{"href":577,"uuid":49,"anchor":49,"target":49,"linktype":578},{"text":665,"type":572},", and has some roadblocks to its deployment, such as double taxation, Hughes said.",{"type":567,"attrs":667,"content":668},{"textAlign":49},[669],{"text":670,"type":572},"“In Europe, an issue that has persisted for a number of years now has been double taxation,” she said. “[Energy storage] is classified as both the consumer and the distributor, resulting in a double tax.”",{"type":567,"attrs":672,"content":673},{"textAlign":49},[674],{"text":675,"type":572},"However, the electricity market reforms included in the Green Deal Industrial Plan attempt to address this problem of taxing for energy stored and resold.",{"type":567,"attrs":677,"content":678},{"textAlign":49},[679],{"text":680,"type":572},"“So number one on the 10 Point Plan [in the reforms] is the removal of double taxation, which should have a big impact on Europe,” Hughes said.",{"type":567,"attrs":682,"content":683},{"textAlign":49},[684],{"text":685,"type":572},"The money available to incentivise the deployment of energy storage in Europe through the Green Deal seems to be far lower than that available through the IRA, however.",{"type":567,"attrs":687,"content":688},{"textAlign":49},[689],{"text":690,"type":572},"“A lot of the money behind it is a reshuffling of money that already existed,” Hughes explained, adding that later in the year the European Sovereignty Fund is expected to be announced which should add clarity to how the plan will be financed.","Energy storage demand could double again this year as government policy support in the US, China, and Europe boosts installations, Rho Motion told the Benchmark Gigafactories conference in Budapest. Energy storage installations globally almost doubled in 2022 from a year earlier to 75 gigawatt hours, according to Rho Motion. This includes grid as well as […]",[693],{"slug":555,"name":556,"content":694},{"job_title":558,"image":695,"bio":561,"linkedin":562},{"filename":560},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6ffe380f-09d2-493e-a7b7-f82e857d956a\", \"id\": \"\"}-->","article",[699,702],{"slug":700,"name":701},"batteries","Batteries",{"slug":703,"name":704},"ess","ESS","private",{"id":49,"alt":617,"name":617,"focus":617,"title":617,"source":617,"filename":707,"copyright":617,"fieldtype":708,"meta_data":709,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/bc1e876272/bm-iola.jpg","asset",{"alt":617,"title":617,"source":617,"copyright":617},"Mar 29, 2023","29th March 2023",[],[],1781512946602]