edf to invest 8 billion euros in power storage business - electricity storage1

PARIS (Reuters)-French state-
EDF plans to invest 8 billion euros ($9. 94 billion)
From 2018 to 2035, he became the leader in the European electricity storage market.
EDF, which already operates pumped storage power stations and some utilities-
On Tuesday, the company aims to become a leader in the French and European markets, providing batteries to customers in the retail power industry.
EDF chief executive Jean-"with storage, we can eliminate the intermittent nature of renewable energy and keep the grid balanced
Levy told reporters.
With intermittent supply of renewable energy such as solar and wind forcing European utilities to have more power reserves to spare, power storage usage is growing.
EDF's investment in power storage will focus on improving the resilience of the grid, providing separate storage for retail customers of solar panels, and closing
In Africa, particularly in Ghana and the Ivory Coast, solar and storage systems for power grids.
The company will finance the plan in a mix of equity and debt, but Levy does not give a breakdown.
EDF plans to develop 10 gigawatts of additional storage capacity worldwide by 2035-
In addition to the 5 GW pumped storage hydropower already in operation.
The company will develop about 6 GW in the industrial field.
Expand storage systems for retail customers, companies and municipal customers, especially pumped storage and batteries, as well as individual batteries of 4gw.
The pumped storage power station draws water when the electricity price is low and when the electricity price is high, but because the price difference between peaks and valleys is relatively small, its profitability is currently low.
Nottenergy, located in 49 MW Burton, Nottingham county, is a battery storage project for the British state grid, Levy said.
This will be one of the largest battery storage projects in Europe.
Will be released before summer.
In the next 12 months, the EDF plans to launch two more battery projects aimed at stabilizing the grid.
EDF also works with local partners to develop a portfolio. 2 million off-
By 2035, power grid customers in Africa were equipped with solar panels and separate battery systems.
Asked how and when the EDF will diversify its planned 8 billion euros investment over the next 17 years, Levy said there is no detailed plan yet.
He said that the EDF will double its R & D scale to 70 million euros on the basis of 2018 euros. 2020 period.
In the next two years, the new EDF business unit also plans to invest about 15 million euros.
Its third investment.
In projects and startups related to power storage and flexibility.
EDF's storage plan is the second major investment project in its energy transition to renewable energy.
In December, French Power said it would invest about 25 billion euros to build 30 gigawatts (GW)
The solar power generation capacity from 2020 to 2035 is mainly funded by equity partners, project financing and loans. ($1 = 0. 8046 euros)