In our transition to a greener future, we need effective energy storage solutions to manage the variability of renewable energy sources. These solutions allow us to store surplus energy generated when production exceeds demand.
For individuals, this can mean using batteries at home or leveraging electric cars with vehicle-to-grid (V2G) technology to feed energy back into the grid. Batteries can store energy from solar panels or be charged during off-peak hours, helping reduce electricity bills and stabilize the grid.
Norway benefits from abundant hydropower and water reservoirs, acting as large batteries. With the highest per capita electricity consumption globally and nearly all new cars sold being EVs, these vehicles could serve as home batteries in the future. Meanwhile, Sweden leads Nordic countries in battery investments due to government subsidies.
So, what does the future hold for energy storage in the Nordics? Will a competitive market for home batteries emerge alongside vehicle-to-grid solutions? Or will energy storage needs be met elsewhere in the power system?
Key topics in the report:
Battery costs have declined significantly- and this trend is expected to continue.
The battery storage capacity has increased dramatically in Europe, with Germany, Italy, and the UK driving this growth.
Data is the backbone of commercial energy storage, and electricity suppliers should embrace energy storage solutions.
In the form below, you can download the short version of the report. Get in touch if you want to discuss or need additional insights and data.
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