Spain acquires energy storage batteries

Will gotion build energy storage plants in Spain?

(File photo shows a Gotion battery. Image credit: CnEVPost) Volkswagen-backed Chinese battery giant Gotion High-tech (SHE: 002074) plans to build energy storage plants in Spain as it continues to advance its efforts in international markets.

How much does a battery plant cost in Spain?

Battery plants picked up more than 655 MW of capacity in the auction, with a clearing price of £35.79 per kW a year. This volume was dwarfed by the almost 3 GW of capacity awarded to gas plants, which is likely a guide to what will happen in Spain as well.

Will Spain have 22 GW of energy storage capacity by 2030?

The country plans to have 22 GW of storage capacity in place by 2030, said the ministry. This will include battery and pumped hydro plants, as well as potentially some thermal storage associated with concentrated solar power technology, which Spain is a leader in. Spain's capacity market could provide opportunities for energy storage

Are batteries set for a boost in Spain this year?

Batteries look set for a boost in Spain this year as the country introduces a capacity market to help integrate renewable energy into the grid. The launch of the nation’s first capacity market was announced in October 2023, following a consultation in 2021. - It will a...

What is the energy storage agreement in Spain?

The collaboration agreement is one of the most ambitious signed to date in Spain in relation to the development of energy storage projects. This type of facility is designed to equip sustainable energy projects with batteries to store electricity when there is a surplus and distribute it when there is demand.

Why is pumping hydro storage important in Spain?

Pumped hydro storage already plays an important role in helping to balance large amounts of renewable energy on the Spanish grid, which as of April 2024 was operating with between 60% and 70% renewable energy penetration. Battery storage, meanwhile, is increasingly being co-located with renewable energy plants to avoid revenue cannibalization.