CURRENT-EUROPE
20.6.2024 09:01:26 CEST | Business Wire | Press release
CurrENT Europe, the industry association for European innovative grid technology companies, and economic consulting firm Compass Lexecon are releasing a new innovative grid technologies report.
Grids are increasingly becoming a bottleneck. Up until now, the transition has been focused on the production side of clean energy generation, but we are now hitting the limits of our grid. The energy transition urgently needs more grid capacity. Electrical transmission and distribution network lengths across Europe need to grow by up to 50% and 60% respectively if we are to see a fully decarbonized power system by 2040.
Innovative Grid Technologies (IGTs) can improve grid capacity up to 40%, generating between 100-200GW of extra capacity by 2040. Even a conservative deployment of innovative grid technologies can accelerate transmission grids expansion by 5 to 8 years and distribution grids expansion by 4 to 7 years. Installing IGTs could contribute to the need for network buildout and achieve gross savings of approximately 35% representing up to 700 billion Euros by 2040.
CurrENT and Compass Lexecon’s report, supported by Breakthrough Energy, share 5 recommendations to improve IGT adoption and ‘future proof’ European grids:
- Avoid ‘death by pilot’ – Issue guidance to national grid regulators on how to incentivize meaningful mass deployment of commercially available grid-enhancing technologies.
- Measure and set specific targets for adding grid capacity - Europe needs to measure how fast grid capacity is growing annually, and if the pace willl meet Europe’s decarbonisation and energy independence objectives.
- A greater proportion of innovation funding needs to go to electricity grids - Only 18% of the total funding of €3.1 billion spent under the EU ETS Innovation Fund has gone to renewables and storage and 8% to other technologies including efficiency.
- Regulatory and technical sandboxes - These will ensure that safe, reliable technology can be proven as proposed by the Commission’s Net Zero Industry Act.
- Guarantee scheme(s) for the perceived risk of performance of innovative technologies - Some utilities are concerned about potential underperformance of mature innovative technologies or even stranding of assets. Such guarantees could mitigate these concerns in implementing newer grid technologies by stakeholders.
Read the full report here.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240619711173/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Onego Bio Strengthens Board with Appointment of Dr. Antti Vasara4.2.2026 16:00:00 CET | Press release
Onego Bio, the food ingredient company producing non-animal egg protein through precision fermentation, today announced that Dr. Antti Vasara has joined its board of directors. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260204881159/en/ Dr. Antti Vasara Dr. Vasara brings more than 25 years of global experience in science, technology, and commercial strategy. Most recently, he served as President and CEO of VTT Technical Research Centre of Finland, where he led one of Europe’s foremost deep tech research organizations. His distinguished career spans senior leadership roles in industry and innovation policy—including impactful work with Nokia and strategic contributions to European research and development initiatives. “Antti is one of the most respected leaders in science and innovation,” said Maija Itkonen, CEO of Onego Bio. “His deep understanding of technology commercialization and ecosystem level strategy will be inva
Energy Vault announces the Award of 100 MW / 870 MWh Long-Term Energy Service Agreement to its Development Partner in Australia4.2.2026 15:09:00 CET | Press release
Energy Vault’s development partner in Australia, Bridge Energy, has secured a 14-year Long-Term Energy Service Agreement (LTESA) for the EBOR Battery Energy Storage System (BESS) project (100 MW / 870 MWh), under the NSW Electricity Infrastructure RoadmapEnergy Vault holds the exclusive option to acquire and construct the A$310 million project having supported Bridge through early stage developmentThe project will feature Energy Vault’s proprietary B-VAULT™ technology and Vault-OS™ Energy Management System software to provide essential grid firming capacityEnergy Vault acquired the Stoney Creek 125 MW / 1,000 MWh project in New South Wales in 2025, which also holds an LTESA, as Energy Vault rapidly expands its Australian footprint Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault”), a leader in sustainable, grid-scale energy storage solutions, and Bridge Energy Pty Ltd (“Bridge Energy”), an Australian developer bridging the gap between fossil fuels and renewable energy, today ann
Ground Investigation for Civil Infrastructure Gets More Robust With Integration of Lab and Field Geotechnical Data4.2.2026 15:00:00 CET | Press release
Major update to leading geotechnical data management solution OpenGround, enables organisations to digitise geotechnical lab testing, enhancing efficiency and collaboration across engineering teams Seequent, The Bentley Subsurface Company, has streamlined laboratory testing in OpenGround, the leading cloud-connected geotechnical data management solution. The new OpenGround Labs capability enables seamless transfer of soil and rock sample data from field collection to laboratory testing and reporting, with results delivered directly to engineers. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260204539856/en/ Geotechnical labs can generate Atterberg limits test certificates from raw lab test data in OpenGround. The advancement enables an end-to-end digital engineering-to-lab workflow, enhancing collaboration and improving efficiency between ground investigation and laboratory testing teams. “Trusted Lab testing data is vital
Torq Lands Virgin Atlantic CISO John White to Lead Enterprise Shift to Agentic AI4.2.2026 15:00:00 CET | Press release
After Transforming Virgin Atlantic’s Cyber Defenses From Legacy Systems to the Torq AI SOC Platform, White Now Helps Global CISOs Navigate the Transition to Agentic Security Operations Torq, the established agentic security operations leader, today announced former Virgin Atlantic CISO John White has joined Torq as Field CISO. Following Torq’s $140M Series D, White shifts from the customer side to the Torq leadership team, propelling global enterprise CISOs to modernize their strategies and adopt true Agentic AI. White is a highly respected security executive with more than 20 years of leadership experience. Prior to Virgin Atlantic, he built and transformed security functions for global organizations including ASOS, Liberty Global, AEG Europe, and KPMG, spanning retail, telecommunications, energy, and live entertainment. At Virgin Atlantic, White did not just oversee security, he reinvented it. Leading a multi-year transformation across airline, cargo, and vacation businesses, White d
Boomi’s Market Momentum Accelerates as Enterprises Standardize on Its AI Activation Platform4.2.2026 15:00:00 CET | Press release
Integration and automation leader achieves 50% customer growth in just over three yearsCompany now serves 30,000+ customers worldwide, including more than a quarter of the Fortune 500Boomi powers enterprise-scale AI with 75,000+ agents running in production Boomi™, the leader in AI-driven automation, today announced that the company’s momentum in enterprise integration and agentic AI has reached a defining moment, driven by unmatched scale, independent analyst validation, proven customer outcomes, and ecosystem growth. With more than 30,000 customers worldwide — including over a quarter of the Fortune 500 — Boomi’s continued growth reflects the trust the world’s largest enterprises place in its platform.Today, customers rely on Boomi’s unique runtime architecture for mission-critical operations — including over 75,000 AI agents in production — executing billions of dollars in transactions with enterprise-grade reliability and resilience. This press release features multimedia. View the
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom