RENEWABLES 2023 GLOBAL STATUS REPORT

Renewable Energy Systems and Infrastructure

Investment

Investment in energy storage i worldwide reached a record high of USD 15.7 billion in 2022, up 46% from 2021. 67 Corporate funding for energy storage was up 55% from 2021. 68 The leading categories were grid-scale storage and lithium-ion batteries. 69 China and the United States led in energy storage investment, although other markets – such as Australia, Europe, Japan and the Republic of Korea – also gained traction. 70

In China, the release of the 14th Five-Year Plan for the Development of New Energy Storage Technologies in March 2022 called for government and private entities to build additional storage capacity, paving the way for more targeted investment. 71 In the United States, the Bipartisan Infrastructure Law of 2021 strongly supported investment in the battery supply chain, and the Inflation Reduction Act of 2022 led to more than USD 80 billion in new investments ii . 72 Japan allocated JPY 13 billion (USD 100 million) in subsidies for stand-alone battery systems in 2022 and was reforming its regulations for battery energy storage systems in 2023, which will further support investment. 73 In Australia, the government announced funding of USD 118 million in 2022 for eight large-scale battery storage projects. 74 Tenders for energy storage projects in the country were scheduled to begin in 2023, supporting ongoing investment in the technology. 75

Image

In developing countries, international development banks actively financed several energy storage projects in 2022, often coupled with renewable energy installations. 76 The US International Development Corporation provided a loan of USD 25 million for a solar PV plus storage project in Malawi. 77 The Inter-American Development Bank and the Norwegian Agency for Development Cooperation invested USD 83.3 million in eight solar PV projects in Guyana with co-located energy storage. 78

Image

Although no global datasets are available for investment in pumped hydropower storage, more than 100 projects were in the pipeline worldwide as of 2022. 79 Investments in individual projects included USD 2.5 billion for the Seminoe Project in the US state of Wyoming, USD 1.45 billion (CNY 10 billion) for the Zhejiang Jinyun Project in China and USD 1.7 billion for the Gouvaes Project in Portugal. 80

Investment in power grid infrastructure totalled an estimated USD 274 billion in 2022, most of it in the United States, China and Europe. 81 In the United States, only around 30% of the investment was devoted to grid expansion; a growing share was used to replace and upgrade equipment and to strengthen structures against weather-related damages (such as installing better power poles to withstand high winds). 82 China has budgeted more than CNY 500 billion (USD 72.4 billion) for ultra-high-voltage projects, upgrading the distribution network and digitalising grids. 83 In Europe, investment has focused on connecting offshore wind farms, modernising ageing infrastructure and digitalising grids to allow demand-side load management, electric vehicle charging and electrification of industry. 84

Image
Global investment in grid infrastructure reached 274 USD billion in 2022.

Other countries also made relevant power grid infrastructure investment announcements in 2022. In Australia, AUD 20 billion (USD 13.6 billion) was allocated for the Rewiring the Nation network overhaul, aimed at upgrading and extending transmission lines to allow for greater integration of renewables and to enable energy storage to play a wider role in the electricity market. 85 India announced USD 29.6 billion to build additional transmission to connect renewables. 86 Investment in electricity networks in the developing world has been impeded by the weak financial situation of some distribution companies, the lack of adequate investment frameworks (such as performance-based regulation), the lack of least-cost system plans, and high operational and commercial losses. 87

Image

Footnotes

i These data include stationary storage projects (large- and small-scale) but do not include pumped hydropower, compressed air or hydrogen. The majority are battery projects. The data cover capital spent on deployment and largely exclude capital invested in companies, research and development, and manufacturing.

ii These investment numbers include recycling, materials separation and processing, and component manufacturing, which are typically excluded from storage investment figures elsewhere.

  1. Renewable Energy Policy Network for the 21st Century (REN21),
    “Renewables 2023 Global Status Report Collection: Global Overview”, July 2023, https://www.ren21.net/wp-content/uploads/2019/05/GSR2023_GlobalOverview_Full_Report_with_endnotes_web.pdf. 1
  2. REN21, “Renewables 2023 Global Status Report Collection: Renewables in Energy Supply”, July 2023, https://www.ren21.net/gsr-2023/modules/energy_supply/01_energy_supply. 2
  3. Ember, “Global Electricity Review 2023”, April 12, 2023, https://emberclimate.org/insights/research/global-electricity-review-2023.3
  4. Geschäftsstelle der Arbeitsgruppe Erneuerbare Energien-Statistik (AGEE-Stat) am Umweltbundesamt, “Erneuerbare Energien in Deutschland 2022”, March 2023, https://www.umweltbundesamt.de/publikationen/erneuerbare-energien-in-deutschland-2022; WindEurope Intelligence Platform, “Wind Energy in Europe: 2022 Statistics and the Outlook for 2023-2027”, February 28, 2023, https://windeurope.org/intelligence-platform/product/wind-energy-in-europe-2022-statistics-and-the-outlook-for-2023-2027; Institute for Sustainable Energy Policies, “2022 Share of Electricity from Renewable Energy Sources in Japan”, April 13, 2023, https://www.isep.or.jp/en/1436; US Energy Information Administration, “Short-term Energy Outlook”, May 2023, https://www.eia.gov/outlooks/steo/pdf/steo_full.pdf. Figure 1 from Ember, op. cit. note 3; maximum daily penetration for Europe from Fraunhofer-Gesellschaft, “Energy Charts”, 2023, https://energy-charts.info/index.html; Australia from “Open Platform for National Electricity Market Data”, 2023, https://opennem.org.au. 4
  5. Ibid, all references.5
  6. International Energy Agency (IEA), “World Energy Outlook 2022”, October 2022, https://iea.blob.core.windows.net/assets/830fe099-5530-48f2-a7c1-11f35d510983/WorldEnergyOutlook2022.pdf. 6
  7. Ibid.7
  8. Carbon Tracker Initiative, “Britain Wastes Enough Wind Generation to Power 1 Million Homes”, June 15, 2023, https://carbontracker.org/britain-wastes-enough-wind-generation-to-power-1-million-homes.8
  9. B. Wehrmann, “Germany Curtails Four Percent of Renewable Power Production Due to Grid Bottlenecks”, Clean Energy Wire, December 13, 2022, https://www.cleanenergywire.org/news/germany-curtails-four-percent-renewable-power-production-due-grid-bottlenecks. 9
  10. R. Kennedy, “Can Renewables Curtailment Be Rethought as a Good
    Thing?” pv magazine USA, July 20, 2022, https://pv-magazine-
    usa.com/2022/07/20/can-renewables-curtailment-be-rethought-
    as-a-good-thing    . 10
  11. C. Murray, “Transmission and Valuation the Major Challenges to Energy Storage Deployments in US Today”, Energy Storage News, March 28, 2023, https://www.energy-storage.news/transmission-and-valuation-the-major-challenges-to-energy-storage-deployments-in-us-today; N. El Chami and V. Gialdi Carvalho, “Evolution of Business Models for Energy Storage Systems in Europe”, Energy Storage News, April 11, 2023, https://www.energy-storage.news/evolution-of-business-models-for-energy-storage-systems-in-europe.11
  12. International Renewable Energy Agency (IRENA), “Utility-scale Batteries: Innovation Landscape”, 2019, https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2019/Sep/IRENA_Utility-scale-batteries_2019.pdf. 12
  13. IRENA, “Sector Coupling in Facilitating Integration of Variable Renewable Energy in Cities”, October 2021, https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2021/Oct/IRENA_Sector_Coupling_in_Cities_2021.pdf. 13
  14. Ibid.14
  15. Hydrogen Central, “Greenhyscale Has Begun the Installation Process of a 6 MW Prototype Electrolyser in the Danish Green Industrial Park, Greenlab”, April 12, 2023, https://hydrogen-central.com/greenhyscale-begun-installation-process-6-mw-prototype-electrolyser-danish-green-industrial-park-greenlab. 15
  16. Energy Market Authority, Government of Singapore, “What Is Demand Side Management”, 2022, https://www.ema.gov.sg/Demand_Side_Management.aspx.16
  17. Energy Sector Management Assistance Program, “Using Forecasting Systems to Reduce Cost and Improve Dispatch of Variable Renewable Energy”, World Bank, 2019, https://doi.org/10.1596/32072.17
  18. ENTSO-E, “Dynamic Line Rating”, https://www.entsoe.eu/Techno­pedia/techsheets/dynamic-line-rating-dlr, accessed May 2023.18
  19. M. Mishra, “Transmission Delays Hit India's Solar Power Plants”,
    Indian Express, November 30, 2022, https://indianexpress.com/article/business/transmission-delays-hit-indias-solar-power-
    plants-8297485    ; T. Rutigliano, “Getting Renewable Energy Connected”, Natural Resources Defense Council, November 15, 2022, https://www.nrdc.org/bio/tom-rutigliano/getting-renewable-energy-connected; S. Osaka, “This Little-known Bottleneck Is Blocking Clean Energy for Millions”, Washington Post, December 20, 2022, https://www.washingtonpost.com/climate-environment/2022/12/20/clean-energy-bottleneck-transmission-lines. 19
  20. Sidebar 1 based on the following sources: IEA and Réseau de Transport d'Electricité, “Conditions and Requirements for the Technical Feasibility of a Power System with a High Share of Renewables in France Towards 2050”, March 16, 2021, https://doi.org/10.1787/6be9f3ac-en; N.K. Roy et al., “Virtual Inertia Support in Power Systems for High Penetration of Renewables – Overview of Categorization, Comparison, and Evaluation of Control Techniques”, IEEE Access, Vol. 10 (2022), pp. 129190–216, https://doi.org/10.1109/ACCESS.2022.3228204; D. Pagnani et al., “Overview of Black Start Provision by Offshore Wind Farms”, IECON 2020 The 46th Annual Conference of the IEEE Industrial Electronics Society, 2020, pp. 1892-1898, https://ieeexplore.ieee.org/document/9254743; Think Grid, “Synchronous Condensers for Better Grid Stability”, March 16, 2016, https://www.think-grid.org/synchronous-condensers-better-grid-stability; P. Denholm et al., “Inertia and the Power Grid: A Guide Without the Spin”, National Renewable Energy Laboratory (NREL), May 1, 2020, https://www.nrel.gov/docs/fy20osti/73856.pdf; Y. Lin et al., “Research Roadmap on Grid-Forming Inverters”, NREL, November 2020, https://www.nrel.gov/docs/fy21osti/73476.pdf.20
  21. BloombergNEF, “A Power Grid Long Enough to Reach the Sun Is Key to the Climate Fight”, March 8, 2023, https://about.bnef.com/blog/a-power-grid-long-enough-to-reach-the-sun-is-key-to-the-climate-fight.21
  22. Ibid.22
  23. Electric Power Research Institute, “Understanding Flexible Interconnection”, September 20, 2018, https://restservice.epri.com/publicdownload/000000003002014475/0/Product.23
  24. Spotlight: Germany based on the following sources: J. Ponitka and S. Boettner, “Challenges of Future Energy Landscapes in Germany — a Nature Conservation Perspective”, Energy, Sustainability and Society, Vol. 10, No. 1 (18 March 2020), p. 17, https://doi.org/10.1186/s13705-020-00250-9; H. Winkler, “German Nimbyism Is a Perverse Problem That Really Shouldn't Exist”, Recharge, November 12, 2019, https://www.rechargenews.com/markets/german-nimbyism-is-a-perverse-problem-that-really-shouldn-t-exist/2-1-704555; Bundesministerium der Justiz, “EnLAG – Gesetz Zum Ausbau von Energieleitungen”, June 2, 2021, https://www.gesetze-im-internet.de/enlag/BJNR287010009.html; Bundesministerium der Justiz, “NABEG – Netzausbaubeschleunigungsgesetz Übertragungsnetz”, March 22, 2023, https://www.gesetze-im-internet.de/nabeg/BJNR169010011.html.24
  25. IRENA, “Renewable Energy Benefits: Measuring the Economics”, 2016, https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2016/IRENA_Measuring-the-Economics_2016.pdf; IRENA, “Measuring the Socio-Economics of Transition: Focus on Jobs”, 2020, https://www.irena.org/-/media/Irena/Files/Technical-papers/IRENA_Measuring_Socio-economic_Jobs_2020.pdf; COBENEFITS, “Renewable Energy, Employment Opportunities and Skill Requirements: Socio-economic Assessment Tools, Key Findings and Expert Contacts”, November 2021, https://www.cobenefits.info/wp-content/uploads/2021/11/Co-Benefits-Factsheets_Employment_2021-2022.pdf; Organisation for Economic Co-operation and Development (OECD), “Linking Renewable Energy to Rural Development”, October 11, 2012, https://www.oecd-ilibrary.org/urban-rural-and-regional-development/linking-renewable-energy-to-rural-development_9789264180444-en. 25
  26. REN21 Policy Database. See GSR 2023 Data Pack, available at www.ren21.net/gsr2023-data-pack/systems.26
  27. Ibid.27
  28. Ibid.28
  29. H. Aposporis, “Greece Boosts Renewable Energy Target for 2030 by 9 GW, Adds Hydrogen”, Balkan Green Energy News, January 18, 2023, https://balkangreenenergynews.com/greece-boosts-2030-renewable-energy-target-by-9-gw-adds-hydrogen. 29
  30. G.F. Dycus, “Victoria Targets 6.3 GW of Renewable Storage by 2035”, pv magazine Australia, September 27, 2022, https://www.pv-magazine-australia.com/2022/09/27/victoria-targets-6-3-gw-of-renewable-storage-by-2035. 30
  31. J. St. John, “California Ups Renewables Target Again with New Plan to Add 85GW By 2035”, Canary Media, February 24, 2023, https://www.canarymedia.com/articles/clean-energy/california-ups-renewables-target-again-with-new-plan-to-add-85gw-by-2035; R. Kennedy, “Maryland Passes Energy Storage Target of 3 GW in 10 Years”, pv magazine USA, April 11, 2023, https://pv-magazine-usa.com/2023/04/11/maryland-passes-energy-storage-target-of-3-gw-in-10-years; J. Plautz, “New York to Double Energy Storage Target to at Least 6 GW by 2030”, Utility Dive, January 7, 2022, https://www.utilitydive.com/news/new-york-to-double-energy-storage-target-to-at-least-6-gw-by-2030/616793. 31
  32. A. Colthorpe, “US, EU Policies Prompt BloombergNEF to Upgrade Global Energy Storage Deployment Forecasts”, Energy Storage News, October 14, 2022, https://www.energy-storage.news/us-eu-policies-prompt-bloombergnef-to-upgrade-global-energy-storage-deployment-forecasts. 32
  33. A. Colthorpe, “Israel Adds Energy Storage-Friendly Tariffs to Maximise Renewable Energy Potential”, Energy Storage News, April 17, 2023, https://www.energy-storage.news/israel-adds-energy-storage-friendly-tariffs-to-maximise-renewable-energy-potential. 33
  34. A. Colthorpe, “'Major Breakthrough': Australia's Support for Energy Storage Tackles Key Electricity Policy Issue”, Energy Storage News, December 21, 2022, https://www.energy-storage.news/major-breakthrough-australias-support-for-energy-storage-tackles-key-electricity-policy-issue. 34
  35. White & Case LLP, “Electricity Storage in France: New Calls for Tenders Will Be Launched”, June 13, 2022, https://www.whitecase.com/insight-alert/electricity-storage-france-new-calls-tenders-will-be-launched; Bundesnetzagentur, “Auction Results for Innovative Installation Concepts and for Solar Installations on Buildings and Noise Barriers”, May 12, 2022, https://www.bundesnetzagentur.de/SharedDocs/Pressemitteilungen/EN/2022/20220512_Ausschreibungen.html. 35
  36. Figure 2 from REN21 Policy Database. See GSR 2023 Data Pack, available at www.ren21.net/gsr2023-data-pack/systems.36
  37. A. Colthorpe, “India Adds Energy Storage Obligation Policy to Renewable Energy Purchase Scheme”, Energy Storage News, July 26, 2022, https://www.energy-storage.news/india-adds-energy-storage-obligation-policy-to-renewable-energy-purchase-scheme; A. Colthorpe, “India's National Budget Includes Viability Gap Funding for 4GWh of Energy Storage”, Energy Storage News, February 1, 2023, https://www.energy-storage.news/indias-national-budget-includes-viability-gap-funding-for-4gwh-of-energy-storage. 37
  38. Carbon Brief, “China Briefing, 24 March 2022: 14FYP Energy Plan; More Plans on Energy Storage and Hydrogen; China's Emissions Analysis”, March 24, 2022, https://www.carbonbrief.org/china-briefing-24-march-2022-14fyp-energy-plan-more-plans-on-energy-storage-and-hydrogen-chinas-emissions-analysis. 38
  39. A. Colthorpe, “Philippines' Rule Changes ‘Will Propel ASEAN's Leading Energy Storage Market to Even Stronger Position'”, Energy Storage News, February 9, 2023, https://www.energy-storage.news/philippines-rule-changes-will-propel-aseans-leading-energy-storage-market-to-even-stronger-position. 39
  40. A. Colthorpe, “European Commission's Net Zero Industry Act Includes Energy Storage as Eligible Technology”, Energy Storage News, March 16, 2023, https://www.energy-storage.news/european-commissions-net-zero-industry-act-includes-energy-storage-as-eligible-technology. 40
  41. M. Maisch, “Romania Provides Funding for C&I Battery Storage Systems”, pv magazine, December 2, 2022, https://www.pv-magazine.com/2022/12/02/romania-provides-funding-for-ci-battery-storage-systems; E. Bellini, “Romania Introduces New Rules for Energy Storage”, pv magazine, February 6, 2023, https://www.pv-magazine.com/2023/02/06/romania-introduces-new-rules-for-energy-storage.41
  42. E. Bellini, “Turkey Introduces New Rules for Energy Storage”, pv magazine, November 21, 2022, https://www.pv-magazine.com/2022/11/21/turkey-introduces-new-rules-for-energy-storage.42
  43. C. Murray, “Chile Passes Major Energy Storage Bill”, Energy Storage News, October 24, 2022, https://www.energy-storage.news/chile-passes-major-energy-storage-bill.43
  44. Morgan Lewis, “Storage Strategies: An Overview of State Energy
    Storage Policy”, March 8, 2023, https://www.morganlewis.com/
    pubs/2023/03/storage-strategies-an-overview-of-state-energy-
    storage-policy    . 44
  45. C. Murray, “Maryland Targets 3GW of Energy Storage by 2033”, Energy Storage News, April 12, 2023, https://www.energy-storage.news/maryland-targets-3gw-of-energy-storage-by-2033; C. Murray, “New Mexico Targets 7GWh of New Energy Storage by 2034”, Energy Storage News, March 15, 2023, https://www.energy-storage.news/new-mexico-targets-7gwh-of-new-energy-storage-by-2034.45
  46. M. Chatter, “California's New Net Metering Policy Brings Batteries into the Forefront”, pv magazine USA, February 13, 2023, https://pv-magazine-usa.com/2023/02/13/californias-new-net-metering-policy-brings-batteries-into-the-forefront. 46
  47. A. Colthorpe, “Nova Scotia Electricity Law Changes Give ‘New Momentum' to Energy Storage Projects”, Energy Storage News, March 24, 2023, https://www.energy-storage.news/nova-scotia-electricity-law-changes-give-new-momentum-to-energy-storage-projects. 47
  48. A. Colthorpe, “Queensland Rolling Out Neighbourhood Batteries to Maximise Rooftop Solar Benefits”, Energy Storage News, February 3, 2023, https://www.energy-storage.news/queensland-rolling-out-neighbourhood-batteries-to-maximise-rooftop-solar-benefits. 48
  49. Seetao, “Pumped Storage: the 14th Five-Year Plan Starts at 270 Million Kilowatts”, June 14, 2022, https://www.seetao.com/details/163461.html.49
  50. Bloomberg, “China's Massive Hydro Energy Storage Goals May Be Getting Bigger”, June 14, 2022, https://www.bloomberg.com/news/articles/2022-06-14/china-s-massive-hydro-energy-storage-goals-may-be-getting-bigger. 50
  51. A. Colthorpe, “India's Ministry of Power Issues Guidelines for Pumped Hydro Energy Storage”, Energy Storage News, February 22, 2023, https://www.energy-storage.news/indias-ministry-of-power-issues-guidelines-for-pumped-hydro-energy-storage; Aposporis, op. cit. note 29.51
  52. Queensland Government, “World's Biggest Pumped Hydro for Queensland”, September 28, 2022, https://statements.qld.gov.au/statements/96233.52
  53. IEA, “World Energy Outlook 2022”, 2022, https://iea.blob.core.windows.net/assets/830fe099-5530-48f2-a7c1-11f35d510983/WorldEnergyOutlook2022.pdf. 53
  54. Natural Resources Defense Council, “After a Good Year for
    Transmission Reform, Hard Work Ahead”, December 19, 2022,
    https://www.nrdc.org/bio/christy-walsh/after-good-year-
    transmission-reform-hard-work-ahead    .54
  55. IEA, “Infrastructure and Jobs Act: ‘Building a Better Grid' Initiative – Policies”, November 18, 2022, https://www.iea.org/policies/14868-infrastructure-and-jobs-act-building-a-better-grid-initiative.55
  56. IEA, “Inflation Reduction Act 2022: Sec. 50153 Interregional and Offshore Wind Electricity Transmission Planning, Modeling, and Analysis – Policies”, December 2, 2022, https://www.iea.org/policies/16310-inflation-reduction-act-2022-sec-50153-interregional-and-offshore-wind-electricity-transmission-planning-modeling-and-analysis. 56
  57. I. Ivanova, “UAE Passes Law for Grid Connection of Distributed Renewable Power Units”, Renewables Now, November 22, 2022, https://renewablesnow.com/news/uae-passes-law-for-grid-connection-of-distributed-renewable-power-units-805694. 57
  58. Government of Australia, “Powering Australia”, https://www.energy.gov.au/government-priorities/australias-energy-strategies-and-frameworks/powering-australia, accessed May 8, 2023; AEMO, “Integrated System Plan (ISP)”, https://aemo.com.au/energy-systems/major-publications/integrated-system-plan-isp, accessed May 9, 2023; Government of Australia, Department of Climate Change, Energy, the Environment and Water, “Capacity Investment Scheme to Power Australian Energy Market Transformation”, December 9, 2022, https://www.energy.gov.au/news-media/news/capacity-investment-scheme-power-australian-energy-market-transformation. 58
  59. European Commission, “Electricity interconnection targets”, https://energy.ec.europa.eu/topics/infrastructure/electricity-interconnection-targets_en, accessed May 2023. 59
  60. Ibid. 60
  61. A. Cuena Vilches, “EU´s Internal Electricity Market Reform: More Integration of the European Energy Systems, Flexibility and More Effective Mechanisms to Shield Vulnerable Consumers”, Renew Europe, March 14, 2023, https://www.reneweuropegroup.eu/news/2023-03-14/eu-s-internal-electricity-market-reform-more-integration-of-the-european-energy-system-flexibility-and-more-effective-mechanisms-to-shield-vulnerable-consumers. 61
  62. North Africa Post, “COP27: Morocco & European Partners Agree on Sustainable Electricity Trade Roadmap”, November 9, 2022, https://northafricapost.com/62504-cop27-morocco-european-partners-agree-on-sustainable-electricity-trade-roadmap.html. 62
  63. WSP, "Champlain Hudson Power Express Transmission Line”, https://www.wsp.com/en-my/projects/champlain-hudson-power-express-transmission-line, accessed April 9, 2023.63
  64. D. Muoio Dunn and M.J. French, “New York City Embraces Canadian Hydro Power”, Politico, March 7, 2022, https://www.politico.com/news/2022/03/07/new-york-city-canadian-hydropower-00014241. 64
  65. The White House, “FACT SHEET: Biden-Harris Administration Proposes New Standards for National Electric Vehicle Charging
    Network”, June 9, 2022, https://www.whitehouse.gov/briefing-
    room/statements-releases/2022/06/09/fact-sheet-biden-harris-
    administration-proposes-new-standards-for-national-electric-vehicle-charging-network    . 65
  66. S. Goulding Carroll, “EU Reaches Deal to Boost Charging Infrastructure Across the Bloc”, Euractiv, March 28, 2023, https://www.euractiv.com/section/road-transport/news/eu-reaches-deal-to-boost-charging-infrastructure-across-the-bloc. 66
  67. BloombergNEF, “Energy Transition Investment Trends 2023”, 2023, https://about.bnef.com/energy-transition-investment.67
  68. Mercom Capital Group, “Energy Storage, Smart Grid, and Efficiency
    Funding and M&A 2022 Annual Report”, 2023, https://mercomcapital.
    com/wp-content/uploads/2023/01/MercomStorageSmartGrid
    EfficiencyFundingMAQ42022ExecSumm.pdf    . 68
  69. IEA, “World Energy Investment 2022”, 2022, https://iea.blob.core.windows.net/assets/b0beda65-8a1d-46ae-87a2-f95947ec2714/WorldEnergyInvestment2022.pdf. 69
  70. Ibid.70
  71. China Briefing News, “China's Energy Storage Sector: Policies and Investment Opportunities”, July 8, 2022, https://www.china-briefing.com/news/chinas-energy-storage-sector-policies-and-investment-opportunities. 71
  72. BloombergNEF, “Top 10 Energy Storage Trends in 2023”, January 11, 2023, p. 10, https://about.bnef.com/blog/top-10-energy-storage-trends-in-2023; C. Murray, “US Battery Supply Chain Investments Reach US$92 Billion Since Biden Took Office”, Energy Storage News, January 26, 2023, https://www.energy-storage.news/us-battery-supply-chain-investments-reach-us92-billion-since-biden-took-office. 72
  73. G. de Blas, “Japan's FIP Scheme and Battery Storage Subsidy Are
    Driving Forces to Boost Renewables”, RatedPower, December 21,
    2022, https://ratedpower.com/blog/japan-fip-scheme-battery-storage.73
  74. A. Colthorpe, “ARENA Pledges Funding Support to 4.2GWh of Battery Storage Across Australia”, Energy Storage News, December 19, 2022, https://www.energy-storage.news/arena-pledges-funding-support-to-4-2gwh-of-battery-storage-across-australia. 74
  75. A. Colthorpe, “Australia to Begin ‘Energy Storage Target' Tenders This Year, Details to Come in Budget”, Energy Storage News, May 4, 2023, https://www.energy-storage.news/australia-to-begin-energy-storage-target-tenders-this-year-details-to-come-in-budget. 75
  76. C. Murray, “Development Banks IFC and AfDB Finance Solar-plus-Storage Projects in Malawi and Eritrea”, Energy Storage News, April 19, 2023, https://www.energy-storage.news/development-banks-ifc-and-afdb-finance-solar-plus-storage-projects-in-malawi-and-eritrea. 76
  77. C. Murray, “US' DFC Provides US$25 Million for Malawi Solar-plus-Storage Project”, Energy Storage News, September 26, 2022, https://www.energy-storage.news/us-dfc-provides-us25-million-for-malawi-solar-plus-storage-project. 77
  78. C. Murray, “Development Banks Invest US$83 Million in 34MWh of Storage Projects in Guyana”, Energy Storage News, June 21, 2022, https://www.energy-storage.news/development-banks-invest-us83-million-in-34mwh-of-storage-projects-in-guyana. 78
  79. International Hydropower Association (IHA), “New Tool Maps World's Water Batteries: The Clean Storage Solution for Renewables”, September 11, 2017, https://www.hydropower.org/news/new-tool-maps-world-e2-80-99s-water-batteries-the-clean-storage-solution-for-renewables. 79
  80. rPlus Hydro, “rPlus Hydro Reaches Major Milestone on Its 900-Megawatt Seminoe Pumped Storage Project”, January 26, 2023, https://www.prnewswire.com/news-releases/rplus-hydro-reaches-major-milestone-on-its-900-megawatt-seminoe-pumped-storage-project-301731647.html; Litian Heavy Industry Machinery Co., Ltd, “Zhejiang Jinyun Pumped Storage Hydropower Project”, https://www.litechtools.com/rock-drilling-tools-zhejiang-jinyun-pumped-storage-hydropower-project.html, accessed May 5, 2023; Hydro Review, “Iberdrola Connects First 220 MW Pump-Generating Unit at Tâmega Complex”, January 31, 2022, https://www.hydroreview.com/hydro-industry-news/iberdrola-connects-first-220-mw-pump-generating-unit-at-tamega-complex. 80
  81. BloombergNEF, op. cit. note 67; IEA, op. cit. note 69.81
  82. IEA, op. cit. note 69.82
  83. Ibid.83
  84. Ibid.84
  85. Colthorpe, op. cit. note 75.85
  86. R. Kumar Singh, “India Unveils $30 Billion Plan to Upgrade Grid for Clean Power”, Bloomberg, December 8, 2022, https://www.bloomberg.com/news/articles/2022-12-08/india-unveils-30-billion-plan-to-upgrade-grid-for-clean-power. 86
  87. IEA, op. cit. note 69.87
  88. Hydropower generation data in 2022 for all countries from IHA, personal communications with REN21, May 11, 2023, unless otherwise stated.88
  89. Ibid. IEA, “Annual grid-scale battery storage additions, 2017-2022”,
    2023, https://www.iea.org/data-and-statistics/charts/annual-grid-scale-battery-storage-additions-2017-2022. Figure 3 from
    all sources in this note.89
  90. Ibid.90
  91. Ibid.91
  92. General Electric, “GE Connects All Units at 12 GW Jinzhai Pumped Storage Hydro Power Plant in China”, January 31, 2023, https://www.ge.com/news/press-releases/ge-connects-all-units-at-12-gw-jinzhai-pumped-storage-hydro-power-plant-in-china; China National Energy Administration, “Transcript of the press conference of the National Energy Administration in the first quarter of 2023”, http://www.nea.gov.cn/2023-02/13/c_1310697149.htm.92
  93. I. Todorović, “China's State Grid Puts World's Biggest Pumped Storage Hydropower Plant Online”, Balkan Green Energy News, https://balkangreenenergynews.com/chinas-state-grid-puts-worlds-biggest-pumped-storage-hydropower-plant-online. 93
  94. Water Power Magazine, “First Unit Connected at Gouves Plant, Portugal”, January 24, 2022, https://www.waterpowermagazine.com/news/newsfirst-unit-connected-at-gouves-plant-portugal-9448843; C. Murray, “Iberdrola's 880 MW Pumped Hydro Plant in Portugal to Go Online in Mid-2022”, Energy Storage News, February 3, 2022, https://www.energy-storage.news/iberdrolas-880mw-pumped-hydro-plant-in-portugal-to-go-online-in-mid-2022; I. Todorović, “Portugal, Switzerland Launch Pumped Storage Hydropower Plants of Over 2 GW in Total”, Balkan Green Energy News, July 22, 2022, https://balkangreenenergynews.com/portugal-switzerland-launch-pumped-storage-hydropower-plants-of-over-2-gw-in-total. 94
  95. France 3 Auvergne-Rhône-Alpes, “Suisse : dans les entrailles de la toute-puissante centrale hydroélectrique de Nant de Drance”, November 14, 2022, https://france3-regions.francetvinfo.fr/auvergne-rhone-alpes/haute-savoie/annecy/video-suisse-dans-les-entrailles-de-la-toute-puissante-centrale-hydroelectrique-de-nant-de-drance-2654772.html. 95
  96. C. Murray, “rPlus Energies Submits Final License Application for 9GWh Pumped Hydro Plant in Wyoming”, Energy Storage News, January 26, 2023, https://www.energy-storage.news/rplus-energies-submits-final-license-application-for-9gwh-pumped-hydro-plant-in-wyoming; C. Murray, “rPlus Hydro Submits Final License Application for 8GWh Pumped Hydro Plant in Nevada”, Energy Storage News, March 8, 2023. https://www.energy-storage.news/rplus-hydro-submits-final-license-application-for-8gwh-pumped-hydro-plant-in-nevada; IEA, “Annual grid-scale battery storage additions, 2017-2022”, 2023, https://www.iea.org/data-and-statistics/charts/annual-grid-scale-battery-storage-additions-2017-2022. 96
  97. IEA, op. cit. note 8997
  98. A. Colthorpe, “US Installed Grid-Scale Battery Storage Capacity Reached 9GW/25GWh in ‘Record-Breaking' 2022”, Energy Storage News, February 28, 2023, https://www.energy-storage.news/us-installed-grid-scale-battery-storage-capacity-reached-9gw-25gwh-in-record-breaking-2022. 98
  99. C. Murray, “Europe Reached 4.5GW of Battery Storage Installed in 2022; Could Hit 95GW by 2050”, Energy Storage News, April 20, 2023, https://www.energy-storage.news/europe-reached-4-5gw-of-battery-storage-installed-in-2022-could-hit-95gw-by-2050. 99
  100. S&P Global Commodity Insights, “China's Power Companies Mull Gameplan for Next Phase of Energy Transition”, April 3, 2023, https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/energy-transition/040323-chinas-power-companies-mull-gameplan-for-next-phase-of-energy-transition. 100
  101. TenneT, “Around €30 Billion: Europe's Largest-Ever Contracting Pack-Age for Security of Supply, the Energy Transition and Climate Protection Launched”, April 20, 2022, https://www.tennet.eu/news/around-eu30-billion-europes-largest-ever-contracting-pack-age-security-supply-energy. 101
  102. Ibid.102
  103. Ibid.103
  104. S. Takyar, “India and Maldives to Establish Transmission Interconnection for Renewable Power Transfer”, REGlobal, April 27, 2022, https://reglobal.co/india-and-maldives-to-establish-transmission-interconnection-for-renewable-power-transfer-. 104
  105. IEA, “Egypt-Saudi Electricity Interconnection Project – Policies”,
    April 4, 2022, https://www.iea.org/policies/14291-egypt-saudi-
    electricity-interconnection-project    .105
  106. EU Agency for the Cooperation of Energy Regulators, “ACER Has Decided on Alternative Electricity Bidding Zone Configurations”, August 9, 2022, https://www.acer.europa.eu/news-and-events/news/acer-has-decided-alternative-electricity-bidding-zone-configurations. 106
  107. H. Madsen, DTU Compute, “Digitalisation for Sector-Coupling and the Future Weather-Driven Energy System”, March 2023, https://www.flexibleenergydenmark.dk/media/bp3dizwo/talk_daces.pdf.107
  108. Green Car Congress, “Allianz to invest in Finnish green hydrogen and power-to-gas developer Ren-Gas; sector coupling”, December 12, 2022, https://www.greencarcongress.com/2022/12/20221212-rengas.html.108
  109. Hydrogen Central, “Greenhyscale Has Begun the Installation Process of a 6 MW Prototype Electrolyser in the Danish Green Industrial Park, Greenlab”, April 12, 2023, https://hydrogen-central.com/greenhyscale-begun-installation-process-6-mw-prototype-electrolyser-danish-green-industrial-park-greenlab. 109
  110. Bloomberg, “Fluence's Artificial Intelligence-Enabled Market Bidding Platform Selected to Optimize 182.5 MW Battery Energy Storage System”, February 17, 2021, https://www.bloomberg.com/
    press-releases/2021-02-17/fluence-s-artificial-intelligence-enabled-
    market-bidding-platform-selected-to-optimize-182-5-mw-battery-
    energy-storage-system    . 110
  111. Energy Industry, “Fluence's AI-Powered Trading Platform to Optimize 182.5 MW Battery Energy Storage System in California”, Energy Industry Review, February 18, 2021, https://energyindustryreview.com/marketplace/fluences-ai-powered-trading-platform-to-optimize-182-5-mw-battery-energy-storage-system-in-california. 111
  112. Ibid.112
  113. A. Parikh, “Punjab Solar & Wind Deviation Settlement Mechanism to Come into Effect from January 2020”, Mercom India, October 25, 2019, https://mercomindia.com/punjab-solar-wind-deviation-jan-2020; Forum of Regulators, “Model Guidelines for Management of RE Curtailment”, January 2020, http://www.forumofregulators.gov.in/Study_Reports.html.113
  114. P. Sánchez Molina, “New Method for Long-Term Prediction of Renewables Generation in Europe”, pv magazine International, April 25, 2022, https://www.pv-magazine.com/2022/04/25/new-method-for-long-term-prediction-of-renewables-generation-in-europe. 114
  115. European Centre for Medium-Range Weather Forecasts, “Destination Earth Use Case, Energy Systems”, https://stories.ecmwf.int/energy-systems-use-case/index.html, accessed July 2023. 115
  116. SMART4RES, https://www.smart4res.eu, accessed May 2023.116
  117. Ibid.117
  118. ENTSO-E Technopedia, “Enhanced RES Infeed Forecasting – Wind”, 2022, https://www.entsoe.eu/Technopedia/techsheets/enhanced-res-infeed-forecasting-wind.118
  119. Smart Energy International, “Customer Centric DR Key for Japan's Energy Transition Challenges”, August 3, 2022, https://www.smart-energy.com/industry-sectors/energy-grid-management/customer-centric-demand-response-a-key-solution-for-japans-energy-transition-challenges. 119
  120. Ibid.120
  121. Yahoo Finance, “Global Virtual Power Plant Market Report 2022: High Investment in VPP Installations Is a Key Trend”, May 31, 2023, https://finance.yahoo.com/news/global-virtual-power-plant-market-141500559.html. Table 1 based on the following sources: AGL, “Annual Reports | Investors | About AGL”, August 19, 2022, https://www.agl.com.au/about-agl/investors/annual-reports; Autogrid, “Webinar: Building an Adaptive Energy Grid with DERMS and VPP”, https://www.auto-grid.com/assets/guidehouse-insights-vpp-leaderboard-2022, accessed May 31, 2023; Enel, “‘Enel Box', the New Enel Grids Solution for More Sustainable Substations as Part of a Circular Economy”, April 7, 2023, https://www.enel.com/media/explore/search-press-releases/press/2023/04/enel-box-the-new-enel-grids-solution-for-more-sustainable-substations-as-part-of-a-circular-economy; Federal Ministry of Economic Affairs and Climate Action, “Virtual Power Plants Come of Age in Europe”, May 4, 2022, https://www.german-energy-solutions.de/GES/Redaktion/EN/News/2022/20220504-virtual-powerplants.html; Prospero, “Biggest Virtual Power Plants in the World”, December 11, 2021, https://www.prosperoevents.com/biggest-virtual-power-plants-in-the-world; J. St. John, “OhmConnect Bets $100M That Free Smart Thermostats Can Prevent Summer Blackouts in California”, Canary Media, June 15, 2021, https://www.canarymedia.com/articles/grid-edge/ohmconnects-100m-bet-on-1-million-free-thermostats-to-save-california-from-summer-blackouts; M. Topalov, “Statkraft Unveils 1 GW Virtual Power Plant in UK, Intends to Double Capacity by Summer”, Current News, March 5, 2019, https://www.current-news.co.uk/statkraft-unveils-1gw-virtual-power-plant-in-uk-intends-to-double-capacity-by-summer; N. Wetsman, “Tesla Quietly Built a Virtual Power Plant in Japan”, The Verge, August 29, 2022, https://www.theverge.com/2022/8/29/23326776/tesla-virtual-power-plant-japan-grid-renewable; F. Lambert, “Tesla Virtual Power Plant Is Rocketing Up, Reaches 50 MW”, Electrek, September 2, 2022, https://electrek.co/2022/09/02/tesla-virtual-power-plant-growing.121
  122. Next Kraftwerke, https://www.next-kraftwerke.com/vpp, accessed May 2023.122
  123. Shell, “Shell Acquires Full Ownership of MachineMax to Drive Next Phase of Global Commercialization to Multiple Industry Sectors”, June 24, 2021, https://www.shell.com/business-customers/lubricants-for-business/news-and-media-releases/2021/shell-acquires-full-ownership-of-machinemax-to-drive-next-phase-of-global-commercialisation-to-multiple-industry-sectors.html. 123
  124. BP, “BP to Grow Leading US Technology Company That Turns Commercial Buildings into Virtual Power Plants”, October 7, 2021, https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-to-grow-leading-us-technology-company-that-turns-commercial-buildings-into-virtual-power-plants.html. 124
  125. Power Technology, “Lightsource bp begins operations at 152MW solar plant in Indiana”, May 24, 2023, https://www.power-technology.com/news/lightsource-bp-operations-bellflower-solar-indiana. 125
  126. Z. Chenchen and X. Hua, “First Virtual Power Plant Management Center Opens in S. China”, CGTN, September 17, 2022, https://news.cgtn.com/news/2022-09-17/First-virtual-power-plant-management-center-opens-in-S-China-1doKmadzJm0/index.html. 126
  127. N. Wetsman, “Tesla Quietly Built a Virtual Power Plant in Japan”,
    The Verge, August 29, 2022, https://www.theverge.com/2022/8/
    29/23326776/tesla-virtual-power-plant-japan-grid-renewable    .127
  128. C. Murray, “Belgian TSO: Residential Virtual Power Plant Will Cover 15% of Country's Grid-balancing Needs by End of Year”, Energy Storage News, September 14, 2022, https://www.energy-storage.news/belgian-tso-residential-virtual-power-plant-will-cover-15-of-countrys-grid-balancing-needs-by-end-of-year. 128
  129. Protergia, “Protergia and emsys VPP Officially Inaugurate First Virtual Power Plant in Greece”, pv magazine, November 3, 2022 https://www.pv-magazine.com/press-releases/protergia-and-emsys-vpp-officially-inaugurate-first-virtual-power-plant-in-greece-2. 129
  130. V. Spasić, “First Virtual Power Plant in Greek Energy Market
    Inaugurated”, Balkan Green Energy News, November 4, 2022,
    https://balkangreenenergynews.com/first-virtual-power-plant-
    in-greek-energy-market-inaugurated    . 130
  131. M. Schoeck, “Sunrun Selected to Deploy 17 MW VPP Network in
    Puerto Rico”, pv magazine, November 2, 2022, https://pv-magazine-
    usa.com/2022/11/02/sunrun-selected-to-deploy-17-mw-vpp-
    network-in-puerto-rico    . 131
  132. Ibid.132
  133. Sidebar 2 based on the following sources: US Department of Energy, “Grid Systems”, https://www.energy.gov/oe/grid-systems, accessed May 2023; NREL, “Microgrids”, https://www.nrel.gov/grid/microgrids.html, accessed May 2023; Center for Climate and Energy Solutions, “Microgrids”, https://www.c2es.org/content/microgrids, accessed May 2023; Siemens, “Microgrids for Sustainability”, https://www.siemens.com/global/en/products/energy/energy-automation-and-smart-grid/microgrid.html, accessed May 2023; GE Grid Solutions, “Microgrid and DER Management Solutions”, https://www.gegridsolutions.com/powerd/catalog/microgrid_der_mgmt.htm, accessed May 2023.133
  134. Snapshot: United States based on the following sources: Babcock
    Ranch, https://babcockranch.com, accessed 2023; D. Orf, “How Microgrids and Solar Panels Are Becoming Unsung Hurricane Heroes”, Popular Mechanics, December 2, 2022, https://www.popularmechanics.com/science/green-tech/a42126384/how-microgrids-and-solar-panels-are-becoming-unsung-hurricane-heroes; R. Ramirez, “This 100% Solar Community Endured Hurricane Ian with No Loss of Power and Minimal Damage”, CNN, October 2, 2022, https://edition.cnn.com/2022/10/02/us/solar-babcock-ranch-florida-hurricane-ian-climate/index.html. 134