The EU could save €9 billion a year in gas costs by deploying BESS to capture excess wind and solar, according to think tank Ember.

Rankings by EY of the most attractive markets for renewable energy investment include battery storage, with US, China and UK as frontrunners.

The European Commission, along with governments of Australia, the US and Canada, have backed a new initiative to promote battery storage.

At COP28 last week, 11 countries joined a global consortium aimed at securing 5GW of battery energy storage deployments in low or middle-income countries.