23 July 2024 – Corre Energy, a leader in the design, development and commercialisation of long duration energy storage (LDES), calls on newly elected Members of the European Parliament and EU policy makers to implement a clear, stable, and supportive policy framework for the development of LDES projects across Europe.

Corre Energy today publishes its key policy asks which it believes will be critical measures to support the LDES industry and unlock Europe’s energy transition.

Keith McGrane, CEO of Corre Energy, said: “The shift to renewable energy sources such as wind and solar power will increasingly expose us to periods characterised by an imbalance between supply and demand. LDES provides a viable solution to this challenge and charts a path towards a resilient, secure, sustainable, and affordable energy supply that can power Europe’s economy for the benefit of its 448 million citizens. We call for concerted action on behalf of elected officials and policy makers to facilitate a speedy roll out of LDES projects, in order to accelerate Europe’s transition away from fossils fuels.”

The case for energy storage – a key new pillar of energy markets

As more and more energy is derived from renewable sources, it is clear that energy storage, and in particular LDES, will be a key new pillar to enable Europe’s energy system to meet future energy needs and to fulfil its energy and climate goals.

By storing excess energy generated by renewable sources to use during periods of low supply, LDES maximises the integration of renewables into the energy system. The deployment of large-scale LDES projects will enable a balance between renewable energy production and consumption, regardless of the weather.

By maximising the integration and use of Europe’s renewable energy resources, LDES will:

·    Reduce the cost of electricity generation – by reducing consumption of costly fossil fuels.

·    Enhance security of energy supply – by reducing Europe’s dependence on imported fossil fuels.

·    Reduce CO2 emissions – by supporting the replacement of fossil fuels with zero-emission electricity generation.

Corre Energy’s six key policy asks

The development of a clear, stable, and supportive policy framework is critical to facilitate the development ofEurope’s LDES sector, and to accelerate the rollout of large-scale storage projects. In order to achieve this, Corre Energy has identified six key policy asks:

1.    Establish legal definitions and set targets for energy storage at the Member State level: Corre Energy advocates for precise definitions and targets for energy storage within EU and Member State legislation to create a conducive environment for investment in energy storage.

2.     Create a distinct asset class for energy storage within EU Member States’ legislation: Corre Energy stresses the need to impose a requirement on Member states for a clear asset class distinction for energy storage to remove barriers hindering its deployment and ensure fair treatment compared to grid interconnectors.

3.     Streamline storage permitting processes: Corre Energy calls for amendments that establish maximum processing times of two years for LDES projects.

4.     Adopt more flexible and realistic modelling approaches for energy storage needs: Corre Energy advocates for using advanced models that better reflect the unpredictable nature of renewable energy production. These models can help capture the full value and benefits of energy storage assets.

5.     Secure dedicated funding and streamline the Connecting Europe Facility (CEF) for storage projects: Corre Energy emphasises the need for dedicated funding instruments for storage projects, including Development Expenditure (DEVEX) financing, to enhance commercial viability. We advocate for increasing the budget of the CEF and revising its structure to streamline access and broaden eligibility for energy storage projects. These measures should be implemented by amending Regulation (EU) 2022/869 on guidelines for trans-European energy infrastructure (TEN-E) Regulation

6.     Establish best-practice hub for delivery of projects: Corre Energy proposes the creation of a best-practice and knowledge-sharing hub to assist in fulfilling EU climate and energy policies, enhance community engagement processes and disseminate institutional best practices.