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EU Energy Ministers Sign First Tripartite Storage Agreement on June 26
Twenty-two member states pledged 30 to 35 gigawatts of new capacity by 2028 under the bloc's first tripartite deal. The European Commission will oversee annual progress tracking through 2028 as part of the Affordable Energy Plan.
Jul 13, 2:00 AM·1m read2 sources
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European energy ministers signed the European Union's first tripartite agreement on June 26 to expand storage capacity and strengthen energy security. The deal commits 22 member states to add between 30 and 35 gigawatts of new storage by 2028 while removing regulatory barriers and providing financial support for project construction.
The European Commission stated that the bloc currently holds 55 gigawatts of storage capacity and will require 200 gigawatts by 2030.
The EU targets at least 42.5 percent renewable energy production by 2030. Surplus renewable output that cannot be stored is lost, increasing reliance on fossil fuels. Five additional member states are expected to join the agreement by the end of the year.
The European Commission will lead implementation and track progress annually until 2028. The agreement forms part of the Commission's Affordable Energy Plan and brings together financial institutions, clean energy producers and energy-consuming industries.
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