Watt’s the Deal? A 2024 Battery Power Recap

Europe’s battery storage sector has witnessed remarkable growth in 2024, powered by surging renewable energy integration, network challenges, and strong policy support. So far in this year alone, over 1.8 GW of battery energy storage capacity has become operational in Europe—a record-breaking achievement for the region. The introduction of the Electricity Market Design reform has added momentum, requiring EU member states to conduct flexibility needs assessments and define national energy storage and demand-side response goals by 2027. Furthermore, governments have ramped up efforts with grants, auctions, and other initiatives to expand energy storage at scale. As the market evolves rapidly, 2024 has truly set the stage for transformative opportunities in the European storage landscape.

• How much grid-scale battery capacity was deployed across Europe in 2024, and which regions were at the forefront?
• What volume of battery capacity was awarded through Capacity Markets across Europe this year?
• What were the key trends in day-ahead market spreads in 2024 across Europe?
• What significant changes were observed in ancillary services this year?
• What progress was achieved with the European Balancing Platform “PICASSO” in 2024?
• Which major policy developments in 2024 have shaped the battery energy storage market?

If you have any questions, please get in touch with Alex Hutcheson.