Any new energy technology asset class comes with risk that needs to be recognised, write Liam McEneaney and Daniel Stevens at AXIS Insurance.

Development of battery systems to help integrate renewables and boost grid reliability continues to pick up pace in New South Wales.

Recent policy developments in the US and European Union represent a considerable uplift to prospects for global energy storage deployment.

Steps forward have been taken New South Wales, Australia, for the largest battery storage system anywhere in the Southern Hemisphere.

California investor-owned utility SDG&E has completed construction of a 40MW battery energy storage system (BESS) and started work on four storage-enabled microgrids totalling 39MW.

Independent Power Producer (IPP) FirstLight Power will replace its Tunnel Jet peaking facility in Connecticut, US, with a battery energy storage system by 2024/25.

To stay in line with net zero emissions objectives, Canada will need to install between 8GW and 12GW of energy storage by 2035.

Ireland’s national planning body has approved a €140 million battery storage facility proposed by Strategic Power Projects in County Kildare.

EnergyAustralia is tentatively planning to build a 500MW battery energy storage system (BESS) on land it owns in New South Wales.

Energy storage must play central role in Europe’s energy security, enabling integration of renewable energy and lowering power prices.