Alternating Current - 16 June, 2023

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• Sweden’s Home Batteries for Energy Storage Surge 600%?
• Minimum Bid Size to Decrease in the Swedish mFFR Market?
• UK’s Tax Policy Risks Renewable Energy Investment?
• European Commission Approves €150M Slovenian Green Energy Plan?
• US Solar Installations Increase Significantly
• India Halts Plans for any New Coal Plants?

Nordic Electricity Market Prices - 16 June, 2023?

Sweden’s Home Batteries for Energy Storage Surge 600%?

Home batteries for electricity storage from solar energy production in Sweden have seen a remarkable 600% increase. The surge can be attributed to a tax reduction of 48.50% on battery installation costs, despite 48% of villa owners still being unaware of the deduction. Storing excess energy helps households maximize solar energy usage, reducing costs and environmental impact. However, Sweden still trails behind other European countries in this field and must accelerate solar market development and incentives to promote a sustainable future.?

Read more: Energi Nyheter?

Minimum Bid Size to Decrease in the Swedish mFFR Market?

Svenska kraftn?t aims to increase competition in the mFRR market by proposing a reduction in the minimum bid size for downregulation. Currently set at 10 MW, they suggest lowering it to 5 MW across Sweden starting from September 1st. The goal is to unlock more resources for downregulation in the electricity system, improving frequency regulation and reducing extreme imbalance costs for market participants. Effective immediately, bids of 5 MW and above can be submitted, granting a six-month reprieve with new pre-qualification. While pre-qualification is encouraged to begin promptly, it is not mandatory for bid delivery.?

Read more: Svenska kraftn?t?

UK's Tax Policy Risks Renewable Energy Investment?

The British government’s failure to modify a windfall tax for low-carbon electricity while easing taxes on oil and gas has raised concerns about the UK's long-term investment in renewable energy. The decision resulted in an imbalanced risk-reward profile, impacting investors and hindering power purchase agreements. This approach contradicts typical government support for investors and raised questions about the UK government's priorities, as it emphasizes oil and gas over renewables. Developers in the wind and solar power sectors are becoming more cautious due to potential government interventions, seeking regulatory stability.?

Read more: Montel?

European Commission Approves €150M Slovenian Green Energy Plan?

The European Commission approves a €150 million Slovenian scheme for renewable energy, heat, and energy storage. Direct grants, capped at €25 million per beneficiary, will accelerate investments in renewable energy production and storage, facilitating the transition to a net-zero economy. The Commission deems the Slovenian scheme compliant with framework conditions, ensuring estimated capacity volume and budget and granting aid by December 31, 2025. Approved under EU State aid rules, the scheme supports the REPowerEU Plan and addresses economic impacts while advancing the net-zero transition.?

Read more: Energy Commission Energy?

US Solar Installations Increase Significantly

US solar energy installations experienced a significant surge of 47% in the first quarter, according to a report by Wood Mackenzie and the Solar Energy Industries Association. The industry installed a record-breaking 6.1 gigawatts (GW) of solar capacity, enough to power over 1 million homes. Solar energy accounted for 54% of new electric generating capacity in the US during the quarter, with Florida leading in new installations. The report also highlighted the strong growth in large utility-scale projects and a 30% increase in residential solar installations.?

Read more: Reuters?

India Halts Plans for Any New Coal Plants?

The Indian government has announced a five-year pause on considering proposals for new coal plants as it focuses on expanding its renewables sector, according to the national electricity plan. Currently heavily reliant on coal for around 75% of its electricity, India aims to reach net-zero emissions by 2070. The plan also highlights the need for battery energy storage systems, with a proposal to build over 8,600 megawatts of such capacity instead of new coal plants.??Due to climate change, the nation is witnessing extended summers and more intense temperatures, resulting in increased electricity requirements on sweltering days. This, in turn, makes it more feasible to meet the energy demands using solar energy.

Read more: Kenosha News or Associated Press?

Sweden Weekly Balance Key Statistics June 9-15, 2023

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