CURRENT-EUROPE
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
Tholos Foundation Reveals Critical Risks of Proposed Nicotine Pouch Regulations4.12.2024 22:01:00 CET | Press release
The Tholos Foundation, in collaboration with IPSOS & HBS Economics, today released groundbreaking research exposing the risks of the proposed Danish regulations limiting nicotine content in nicotine pouches to 9 mg per pouch. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241204248551/en/ Key findings highlight significant public health and economic concerns The comprehensive study reveals alarming potential outcomes if the proposed nicotine limit is implemented: Consumer behavior shifts Half (50%) of current nicotine pouch users would seek alternative purchasing channels, either online or across the border of other EU countries One in five (18%) users might return to smoking Proposed limit threatens Denmark's remarkable progress in reducing smoking rates from 19% to 14% between 2018 and 2023** Public health implications 3 out of 4 (75%) users originally chose nicotine pouches for health-related reasons, primarily to reduce
Andersen Global udvider sin dækning af Filippinerne med Gravitas Prime4.12.2024 21:46:00 CET | Pressemeddelelse
Andersen Global indleder yderligere ekspansion i Asien og Stillehavsområdet gennem en samarbejdsaftale med Gravitas Prime, der arbejder med fusioner og overtagelser i Filippinerne. Gravitas Prime blev grundlagt i 2005 af daværende bestyrelsesformand Ed David, og tilbyder en omfattende pakke af tjenester, herunder fusioner og overtagelser, virksomhedsstrategi, værdiansættelse af virksomheder, ejendomsplanlægning og kapitalrejsning. Firmaet driver strategiske initiativer for et forskelligartet kundegrundlag. Det råder over specialiseret ekspertise inden for forbruger, detailhandel, mad og drikkevarer, QSR, lægemidler og sundhedspleje, hotel-, restaurations- og oplevelsesbranchen, energi og vedvarende energikilder. Gravitas Prime har opbygget stærke relationer med en bred vifte af strategiske investorer, herunder familiekontorer, førende selskabskonglomerater og private equity-selskaber. "Her i firmaet har vi altid fokuseret på værdiforøgelse, på at drive vækst og identificere muligheder
Almirall Launches The Hive, Creating a Novel Collaborative Innovation Hub to Advance Life Sciences and Healthcare4.12.2024 16:58:00 CET | Press release
80th anniversary commemorative eventsThe Hive is aimed at advancing research in life sciences by a novel approach to collaboration - creating an open innovation hub designed to build close relationships between biotech companies, start-ups, academics, and Almirall scientistsThe network will be enlarged with the arrival of Admit Therapeutics and Microomics, in addition to the current members of the hub ZeClinics and Centrient PharmaceuticalsThis novel approach to pushing the boundaries of science and innovation in the year of Almirall’s 80th anniversary is part of the company’ s innovation strategy, long-term vision, commitment to patients, and the advancement of healthcare Almirall, a global pharmaceutical company dedicated to medical dermatology, today announced the launch of “The Hive”, a novel scientific research hub located at its R&D centre in Barcelona, Spain. The Hive is designed to foster collaboration among researchers from biotech companies, start-ups, academia, and Almirall’
Now Is the Time To Host Events in Japan, With the Yen at a Low! Global Produce Launches Full-Scale Production of “Event Hosting in Japan” for Overseas Companies4.12.2024 16:00:00 CET | Press release
Providing English support, potential venues such as arenas and historic buildings, and more—a team of event professionals bringing unique, extraordinary, and emotional events to life! Global Produce Co., Ltd. (Head Office: Shibuya Ward, Tokyo; CEO: Masaki Kouhata; hereinafter referred to as “Global Produce”), a company specializing in event production, is pleased to announce the full-scale launch of its production services for overseas companies looking to host events in Japan. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241121186571/en/ Global Produce Launches Full-Scale Production of “Event Hosting in Japan” for Overseas Companies (Graphic: Business Wire) With Global Produce, your dream event in Japan can become a reality! Our “Japan Event Hosting Plan” was created to bring the visions of overseas companies to life using events hosted in Japan. Not only will native speakers be present at the forefront, but our producers
DataXstream Launches OMS+ Cloud for SAP S/4HANA Cloud Public Edition4.12.2024 15:03:00 CET | Press release
The newest product offering delivers B2B point of sales and order management capabilities to SAP Public Cloud Users Worldwide DataXstream LLC, an SAP® Endorsed app and Gold-level partner developing innovative solutions for SAP sales and distribution, today introduced OMS+ Cloud for SAP S/4HANA Cloud Public Edition. OMS+ has streamlined complex sales and order processes for SAP users for over a decade within SAP ECC and S/4HANA Cloud Private Edition environments. But recent forecast numbers from Gartner show that worldwide spending on public cloud services is increasing significantly and will reach a total of $723.4 billion in 2025, with a 19% growth increase in Cloud Application Services (SaaS). (Source: Gartner, November 2024) DataXstream’s OMS+ Cloud will now extend its award-winning OMS+ platform by delivering end-to-end point of sales (POS) and order management capabilities for SAP Public Cloud. OMS+ Cloud will simplify complex POS, quote and order processes often associated with v
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