The Energy Storage Report 2024

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Storage a ‘key element’ for new 2040 renewable energy targets, leaked EU draft says


The European Commission is targeting 90% renewable electricity by 2040 in the EU and sees energy storage as one of several key areas of investment to get there, according to a leaked draft.

The European Commission has targeted a 90% share of EU electricity from renewables by 2040 – mostly solar and wind – and complemented by nuclear energy, according to a leaked draft first obtained by French media Contexte.

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Under these conditions, the European Union will require “substantial” investments in expanding its power grid, while upgrading to smarter and more flexible grids.

“New interconnectors, expanded distribution grids, energy storage facilities, dispatchable energy supply, flexibility market solutions, and sector coupling will be needed to ensure flexibility and security of supply of the whole energy system,” reads the draft document.

“Further initiatives will also be needed for networks, storage and flexibility market solutions as a key element to decarbonise and electrify the economy, smarten the grids, reduce the price volatility in peak homes and empower consumers to adapt their consumption to market conditions and their own local needs.”

The draft highlights the importance of a framework that supports the industrial transformation as a precondition for a successful transition, showcasing the EU’s competitive advantage in sectors such as wind power, hydropower or electrolyser, though not solar PV.

See the full version of this article on PV Tech.

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