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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
POWER
European battery storage capacity increased by 94% on the year in 2023, although the 200GW by 2030 target will not be met, as annual growth is anticipated to slow between 30-40% over 2024-28, according to a forecast by SolarPower Europe, cited by PV Magazine.
- Europe installed about 17.2GWh of additional battery energy storage systems, with the EU total installed capacity climbing to around 36GWh.
- Residential batteries accounted for 63% of Europe's solar batteries, while utility-scale systems contributed 27% and solar batteries on commercial/industrial locations at 10%.
- In 2023, Germany led Europe with 5.9GWh installed, followed by Italy with 3.7GWh and the UK at 2.7GWh.
- And Austria added over 1 GWh, with the Czech Republic installing over 900MWh.
- But the main residential battery markets in Germany, Italy, and Austria are expected to decline by 26% after reaching record levels in 2023, SolarPower Europe said.
- This is due to public aid programs for home batteries being discontinued this year, including tax incentives and investment subsidies like tax exemptions and rebate programs in countries like Germany, the UK, the Netherlands, and Sweden.
- As a result, SolarPower Europe forecasts that in 2024 EU battery capacity will reach 22.4GWh – a yearly rise of 31% - after two exceptional years in which growth had been around 100%.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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