Tbilisi accelerates new energy storage industry

How did energy storage grow in 2022 & 2023?

The US utility-scale storage sector saw tremendous growth over 2022 and 2023. The volume of energy storage installations in the United States in 2022 totaled 11,976 megawatt hours (MWh)—a figure surpassed in the first three quarters of 2023 when installations hit 13,518 MWh by cumulative volume.

What are the trends in energy storage?

Trends in energy storage around the globe include regulations and initiatives in the European Union, incentives in Türkiye, and the UK government’s push for new energy storage projects. European Union

What is the future of energy storage?

Storage enables electricity systems to remain in balance despite variations in wind and solar availability, allowing for cost-effective deep decarbonization while maintaining reliability. The Future of Energy Storage report is an essential analysis of this key component in decarbonizing our energy infrastructure and combating climate change.

How much money will a UK energy storage project get?

A few days after the Harmony project achieved commercial operation, the UK Department for Business, Energy & Industrial Strategy announced that five energy storage projects would benefit from a share of more than £32 million ($38 million) in government funding across the country.

Can a PTC-electing energy production facility be paired with an energy storage facility?

Principally, this means that a PTC-electing eligible energy production facility (such as a solar facility now eligible to elect to use the PTC after the IRA) may be paired with an energy storage facility without impacting the ability to claim an ITC for the storage facility.

What are EU energy storage initiatives?

European Union EU energy storage initiatives are key for energy security and the transition toward a carbon-neutral economy, improving energy efficiency, and integrating more renewable energy sources into electricity systems.