Hot News about Energy Storage | June

United States: US tariffs on Chinese energy storage batteries to rise to 25%

Recently, the White House announced the decision to impose additional tariffs on a series of Chinese imports, covering semiconductors, batteries, solar cells, key minerals and other fields. In the field of energy storage batteries, the tariff has been increased from the previous 7.5% to 25%. This tariff measure will be officially implemented in 2026, and the short-term risks have been temporarily alleviated.

Australia: Australia releases first national battery strategy

The Australian government released the country's first national battery strategy on May 23, aiming to use fiscal funds to promote the development of Australia's battery sector. According to the document, between 2024 and 2025, the Australian government will allocate $23 million to continue to promote circular economy policies, plans and legislative functions. In addition, $20.3 million will be invested in "future battery capacity building", including the development of a battery value chain map, supporting the development of nationally consistent guidelines and standards, and further enhancing its ESG qualifications.

Germany: German energy market saw 78 hours of negative prices in May

Dynamic electricity price provider Rabot Charge reported that the average price of electricity spot market in the Germany/Luxembourg region in May was 6.72 euros/KWh on the power exchange. According to Rabot Charge, the average price of electricity trading in the last six months has been below the key level of 8%. Negative electricity prices lasted for 78 hours in May, which was longer than the 50 hours in April. Despite this, the average price in May was still 7.7% higher than in April, reaching 6.24 euros/KWh.

Australia: Australia plans to invest A$22.7 billion in "renewable energy superpower" plan

The Australian federal government has allocated the largest clean energy budget in history in the 2024-2025 budget, and announced more details about the "Future Manufacturing in Australia" (FMIA) plan on Tuesday night. Over the next decade, A$22.7 billion will be invested, most of which will be used for production subsidies. Of this, A$6.7 billion will be used for hydrogen produced from renewable energy, and A$7 billion will be used for refining and processing 31 critical minerals. Although the specific details of the bill have not yet been announced, the government plans to officially announce it after it passes parliament on July 1. It is expected that the plan will focus on making Australia a renewable energy superpower and attract investors.

UK: UK energy storage capacity grows by two-thirds to 95.6GW

The UK Renewable Energy Trade Association found that the UK's energy storage capacity has grown by two-thirds in the past year. According to the association's latest EnergyPulse energy storage report, energy storage installed capacity has increased by 38.5GW from 57.1GW a year ago to 95.6GW. This is the second consecutive year that energy storage installed capacity has increased by two-thirds. Although the total number of projects includes projects that are in operation, under construction, permitted and planned, most of the capacity has not yet been built. According to the association data, the permitted energy storage capacity is 30.4GW, the capacity under development is 30.4GW, while the energy storage capacity put into operation is 4.4GW and the capacity under construction is 4.3GW.

G7 Energy Ministerial Meeting: Increase global power industry energy storage capacity to 1,500GW by 2030

Energy and climate leaders met at the G7 Climate, Energy and Environment Ministerial Meeting in Turin, Italy from April 28 to 30, and reached consensus on a series of energy and climate actions. The G7 energy ministers made important breakthroughs in phasing out coal, developing energy storage, and phasing out harmful non-CO2 pollutants. The G7 also pledged to set a global goal to increase energy storage capacity in the power industry to 1,500GW by 2030, more than six times the 230GW in 2022. This important commitment will drive COP28 to double renewable energy capacity, thereby transforming intermittent renewable energy into smooth and reliable electricity.

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