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How Europe’s electricity market design could be a game changer for energy storage","opinion-how-europes-electricity-market-design-could-be-a-game-changer-for-energy-storage","article/opinion-how-europes-electricity-market-design-could-be-a-game-changer-for-energy-storage",{"_uid":557,"date":558,"tags":559,"editor":569,"content":579,"excerpt":791,"featured":50,"reporter":792,"_editable":796,"component":797,"seo_title":553,"categories":798,"visibility":805,"author_company":806,"featured_image":807,"seo_description":791,"author_full_name":812,"author_job_title":49,"formattedDate":813,"formattedArticleDate":814},"013e4276-b30f-4985-9cf4-4028b2d60578","2023-03-27 00:00",[560,563,566],{"slug":561,"name":562},"europe","Europe",{"slug":564,"name":565},"opinion","Opinion",{"slug":567,"name":568},"policy","Policy",[570],{"slug":571,"name":572,"content":573},"matthew-bird","Matthew Bird",{"job_title":574,"image":575,"bio":577,"linkedin":578},"Senior Editor - Supply Chains & Data Visualisation",{"filename":576},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":580,"content":581},"doc",[582,599,604,617,622,627,632,637,642,647,652,659,664,669,676,681,686,691,696,701,706,711,716,721,726,731,736,741,746,751,758,763,768,773,778,783],{"type":583,"attrs":584,"content":585},"paragraph",{"textAlign":49},[586,589,597],{"text":587,"type":588},"The European Union aims to achieve a sustainable and independent energy supply by phasing out fossil fuels and focusing on renewables with ","text",{"text":590,"type":588,"marks":591},"energy storage",[592],{"type":593,"attrs":594},"link",{"href":595,"uuid":49,"anchor":49,"target":49,"linktype":596},"https://source.benchmarkminerals.com/article/how-do-europes-energy-storage-incentives-compare-to-the-usas-ira","url",{"text":598,"type":588},".",{"type":583,"attrs":600,"content":601},{"textAlign":49},[602],{"text":603,"type":588},"The European Commission on 14 March 2023 announced its proposal to reform the Electricity Market Design (EMD), to boost renewables, protect consumers, and enhance industrial competitiveness. ",{"type":583,"attrs":605,"content":606},{"textAlign":49},[607,609,615],{"text":608,"type":588},"This proposal for a new EMD is the European Union’s strongest recognition of ",{"text":610,"type":588,"marks":611},"energy storage’s",[612],{"type":593,"attrs":613},{"href":614,"uuid":49,"anchor":49,"target":49,"linktype":596},"https://source.benchmarkminerals.com/article/should-europe-follow-uks-lead-to-enable-successful-grid-energy-storage-deployment",{"text":616,"type":588}," role in the energy transition to date. ",{"type":583,"attrs":618,"content":619},{"textAlign":49},[620],{"text":621,"type":588},"The Energy Commissioner, Kadri Simson, said at the EMD’s press conference that the Commission will “incentivise storage because this helps us to replace the dependence on fossil-fuel power generation, gas and oil”.",{"type":583,"attrs":623,"content":624},{"textAlign":49},[625],{"text":626,"type":588},"This should not surprise: the new market design proposal comes in the aftermath of the Russian invasion of Ukraine and the consequent energy crisis. Relying on expensive fossil fuel imports to compensate for renewable variability (i.e. relying on “gas peakers”, such as gas turbines, when the sun doesn’t shine or the wind doesn’t blow) has been a mistake. ",{"type":583,"attrs":628,"content":629},{"textAlign":49},[630],{"text":631,"type":588},"It has led to huge energy supply challenges and high and volatile energy prices. For policymakers, energy storage is the solution to achieve a stable and reliable decarbonised grid, while keeping prices low and reducing energy dependency.",{"type":583,"attrs":633,"content":634},{"textAlign":49},[635],{"text":636,"type":588},"Besides, the European Union aims to be climate neutral by 2050, with an intermediate target of a 55% net reduction of greenhouse-gas emissions compared to 1990 levels by 2030. ",{"type":583,"attrs":638,"content":639},{"textAlign":49},[640],{"text":641,"type":588},"To make this happen, renewables and energy storage deployment needs to accelerate even more, and curtailment – renewable energy being wasted during periods of overproduction – needs to be reduced.",{"type":583,"attrs":643,"content":644},{"textAlign":49},[645],{"text":646,"type":588},"The European Commission has decided to put forward a proposal, which will be discussed and amended by the European Parliament and Council already in the next few months: the final text may be complete by the end of this year as it is a priority for the European Union.",{"type":583,"attrs":648,"content":649},{"textAlign":49},[650],{"text":651,"type":588},"But how can this electricity market reform impact the energy storage sector?",{"type":653,"attrs":654,"content":656},"heading",{"level":655,"textAlign":49},4,[657],{"text":658,"type":588},"First, it can strengthen the energy storage business case by introducing new market products.",{"type":583,"attrs":660,"content":661},{"textAlign":49},[662],{"text":663,"type":588},"The Commission is allowing the introduction of a peak-shaving product so that Transmission System Operators can call for demand reduction during peak hours. Demand reduction includes either reducing electricity consumption or using stored energy. ",{"type":583,"attrs":665,"content":666},{"textAlign":49},[667],{"text":668,"type":588},"While this proposal is positive, it is not clear whether only behind-the-meter or also front-of-the-meter can participate.",{"type":653,"attrs":670,"content":671},{"level":655,"textAlign":49},[672,674],{"text":673,"type":588},"Second, it can accelerate the deployment of storage facilities by introducing subsidies",{"text":675,"type":588},". ",{"type":583,"attrs":677,"content":678},{"textAlign":49},[679],{"text":680,"type":588},"The Commission proposal allows member states to set up specific support schemes for energy storage. ",{"type":583,"attrs":682,"content":683},{"textAlign":49},[684],{"text":685,"type":588},"These schemes are limited to new investments that bid in open and transparent competitive auctions, and it seeks to preserve exposure to price signals by setting a minimum level of participation in markets and applying penalties for capacity providers not respecting the rules. ",{"type":583,"attrs":687,"content":688},{"textAlign":49},[689],{"text":690,"type":588},"This design strikes a good balance between providing much-needed public support and also ensuring exposure to the market.",{"type":653,"attrs":692,"content":693},{"level":655,"textAlign":49},[694],{"text":695,"type":588},"Third, it can improve revenue predictability. ",{"type":583,"attrs":697,"content":698},{"textAlign":49},[699],{"text":700,"type":588},"The Commission incentivises the use of Power Purchase Agreements to shield more consumers from market volatility with long-term contracts that lock-in stable prices. Energy storage can participate in PPAs by guaranteeing 24/7 access to renewable energy but the current proposal lacks consideration of time-matching generation and consumption to ensure the PPA is fully renewable. ",{"type":583,"attrs":702,"content":703},{"textAlign":49},[704],{"text":705,"type":588},"Additionally, in the context of Capacity Markets, the new Commission electricity market design encourages Member States to promote non-fossil flexibility in capacity markets – excluding polluting fossil fuel plants from the auction. ",{"type":583,"attrs":707,"content":708},{"textAlign":49},[709],{"text":710,"type":588},"Gas “peakers” win the overwhelming majority of capacity auctions across Europe, so such change would open many new opportunities for energy storage.",{"type":583,"attrs":712,"content":713},{"textAlign":49},[714],{"text":715,"type":588},"Yet, member states are not legally obliged to reform Capacity Markets – it is up to them whether and how to reform.",{"type":653,"attrs":717,"content":718},{"level":655,"textAlign":49},[719],{"text":720,"type":588},"Fourth, it can provide long-term investment signals. ",{"type":583,"attrs":722,"content":723},{"textAlign":49},[724],{"text":725,"type":588},"For example, the EMD proposal requires member states to set an indicative national objective for demand response and energy storage – member states must assess the flexibility needs (for different timeframes, e.g. shorter-and longer duration) in the electricity system with a 5-year horizon every two years. ",{"type":583,"attrs":727,"content":728},{"textAlign":49},[729],{"text":730,"type":588},"This will clearly show investors the needs and opportunities for energy storage in a specific country. This proposal will also open the door to longer duration technologies. ",{"type":583,"attrs":732,"content":733},{"textAlign":49},[734],{"text":735,"type":588},"Unfortunately, this national flexibility objective is only partially described – more details are needed to understand its actual impact.",{"type":653,"attrs":737,"content":738},{"level":655,"textAlign":49},[739],{"text":740,"type":588},"Fifth, it can reform system planning and operation. ",{"type":583,"attrs":742,"content":743},{"textAlign":49},[744],{"text":745,"type":588},"The EMD proposal indicates that the tariff methodologies of transmission system operators (TSOs) and distribution system operators (DSOs) shall consider balancing between both capital expenditure and operational expenditure to better support the use of flexibility services. ",{"type":583,"attrs":747,"content":748},{"textAlign":49},[749],{"text":750,"type":588},"TSOs and DSO often do not take into consideration the value of flexibility in the logic of the tariffs they charge to energy storage firms. When it comes to system planning, energy storage is often ignored due to its high initial capital requirements but then its lower operating costs is not taken into account. ",{"type":583,"attrs":752,"content":753},{"textAlign":49},[754,756],{"text":755,"type":588},"This proposal, by de facto analysing system needs with a total expenditure methodology is key to promoting non-fossil flexibility.",{"text":757,"type":588},"However, a clear requirement on a total expenditure approach for tariff methodology is not discussed.",{"type":583,"attrs":759,"content":760},{"textAlign":49},[761],{"text":762,"type":588},"Summing up, the electricity markets reforms proposal can make European markets more storage-friendly. It is encouraging that the EU electricity market design is recognising the crucial role of energy storage in the energy transition. ",{"type":583,"attrs":764,"content":765},{"textAlign":49},[766],{"text":767,"type":588},"The United States or Australia have already been proactively unlocking the role of storage in their energy systems and it is important that now the European Union is starting to wake up to its potential.",{"type":583,"attrs":769,"content":770},{"textAlign":49},[771],{"text":772,"type":588},"However, European member states are given significant leeway in implementing the European Union regulatory framework. On the one hand, this makes sense – it accounts for the different member states’ characteristics. ",{"type":583,"attrs":774,"content":775},{"textAlign":49},[776],{"text":777,"type":588},"On the other hand, it means European electricity markets may become more different from one another and therefore less integrated: this may turn investors away. ",{"type":583,"attrs":779,"content":780},{"textAlign":49},[781],{"text":782,"type":588},"But the Commission’s electricity market reform proposal is a great foundation for boosting energy storage’s role in the energy system; with specific improvements it can fully unlock its potential.",{"type":583,"attrs":784,"content":785},{"textAlign":49},[786],{"text":787,"type":588,"marks":788},"Jacopo is Head of Policy at EASE, Thomas is a Policy Officer, and Benjamin is a Policy Assistant",[789],{"type":790},"italic","The European Union aims to achieve a sustainable and independent energy supply by phasing out fossil fuels and focusing on renewables with energy storage. The European Commission on 14 March 2023 announced its proposal to reform the Electricity Market Design (EMD), to boost renewables, protect consumers, and enhance industrial competitiveness. This proposal for a new […]",[793],{"slug":571,"name":572,"content":794},{"job_title":574,"image":795,"bio":577,"linkedin":578},{"filename":576},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"013e4276-b30f-4985-9cf4-4028b2d60578\", \"id\": \"\"}-->","article",[799,802],{"slug":800,"name":801},"batteries","Batteries",{"slug":803,"name":804},"sustainability","Sustainability","private","European Association for Storage of Energy",{"id":49,"alt":808,"name":808,"focus":808,"title":808,"source":808,"filename":809,"copyright":808,"fieldtype":810,"meta_data":811,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/a2759e7dc8/bm-europe-energy-storage.jpg","asset",{"alt":808,"title":808,"source":808,"copyright":808},"Jacopo Tosoni, Benjamin Piatt and Thomas Lewis ","Mar 27, 2023","27th March 2023",[],[],1792688583785]