North Asia Energy Storage Power Pricing: Decoding the $33
You know, when we talk about energy storage in North Asia, we''re dealing with a market projected to hit $33 billion annually by 2026 [1]. But here''s the kicker – lithium-ion battery
South Korea will hold an auction for storage to reduce renewable curtailment and published a new policy to revive its commercial storage sector. Australia and Japan are both executing new capacity auctions for clean firm capacity which benefit energy storage installation by providing long-term capacity payments.
Markets are increasingly seeking energy storage for capacity services (including through capacity markets). Japan, Poland, the UK, Chile, the US Southwest, New York and Australia are new markets opening up these opportunities.
Global energy storage's record additions in 2023 will be followed by a 27% compound annual growth rate to 2030, with annual additions reaching 110GW/372GWh, or 2.6 times expected 2023 gigawatt installations. Targets and subsidies are translating into project development and power market reforms that favor energy storage.
We added 9% of energy storage capacity (in GW terms) by 2030 globally as a buffer. The buffer addresses uncertainties, such as markets where we lack visibility and where more ambitious policies may develop that we haven't predicted. We revised our buffer calculation methodology in this market outlook.
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