Local energy storage prospects favorable, risks identified

A latest study by Berlin-based research firm E3 Analytics, expected to be published later this week, identifies considerable growth prospects for energy storage batteries in Greece, while also making note of several risks.

The authors of the study, which has been obtained by energypress, stress, among other aspects, that despite certain risks, the outlook for the energy storage market in Greece remains “promising”.

Special reference is made to Greece’s institutional framework, designed to resolve issues and protect against unfavorable outcomes such as a concentration of control of the emerging energy-storage market by few investors.

Such issues have been experienced, and taken note of, in mature markets such as those of the UK and Italy, while preventive measures adopted by Greece for the country’s corresponding yet nascent market are viewed favorably.

Such positivity was also expressed in local consultation, during which market players commended the Greek plan’s measures designed to ensure a geographical spread of energy storage batteries.

One of the risks identified by the authors of the study concerns the correlation between battery revenue and electricity markets and the development of electricity prices in the coming years.

Other risks include lower market prices, cannibalization by other storage projects, and a rapid rise of demand-response options that could potentially undermine energy storage prospects, the study notes.

Battery storage investment interest has skyrocketed in Greece since 2021. The number of permits have soared from 4.7 GW in June, 2021 to 23.2 GW at present.