Italy is launching a €17.7 billion state aid package to build a centralized electricity storage system.
The aid will cover investment and operating costs for the tender winners through annual payments, reports Balkan Green Energy News.
It is noted that this scheme was approved by the European Commission. Such assistance will contribute to the achievement of the goals of the European Green Deal and the Fit-for-55 package through the integration of renewable energy sources.
The material said that by the end of 2033, it is planned to maintain electricity storage facilities with a total working capacity of 9 GW and a total capacity of 71 GWh.
It is reported that Italy must select companies developing electricity storage projects in competitive, transparent and non-discriminatory tenders.
The article explained that the production of green energy depends on the intensity of sunlight, wind and hydrology, which is different from the demand for electricity. Storing excess electricity during overproduction allows it to be used during periods of shortage. This allows for reduced generation from fossil fuel power plants to balance the grid.
The European Commission stated that the aid scheme has an incentive effect, as supported storage facilities would not be financially viable without state support.
"Centralized electricity storage provides flexibility and facilitates the deployment of renewable sources. This innovative scheme will help speed up the transition while minimizing any potential competition," said Executive Vice President of the European Commission Margrethe Vestager.
Earlier, EcoPolitic wrote, that in 2023 Italy entered the TOP-5 European countries which resist the green transition.
As EcoPolitic previously reported, according to BloombergNEF data, the decade of development of energy storage systems is beginning in the US and China.