00:00Europe signed a deal that could decide whether the lights stay on and the bills stay low for the next
00:05decade.
00:06The European Commission made it clear, energy storage is no longer optional, it's indispensable.
00:13On June 26th, in Luxembourg, the EU signed its first ever tripartite agreement for energy storage,
00:20bringing together the Commission, 22 member states, industry and the banks that will support the investment.
00:26Right now, Europe has around 55 gigawatts of storage by 2030 in its 200.
00:32That gap matters because storage is what lets Europe use more renewables without wasting them,
00:38avoid blackouts at peak demand and cut reliance on volatile imported fossil fuels.
00:44Without enough storage, wind and solar power get curtailed, simply switched off because the grid cannot handle it.
00:51Storage is a missing link.
00:53So Brussels is calling in three players at once, a tripartite model, governments to clear legal and regulatory roadblocks,
01:01industry, storage developers, manufacturers and big energy users and banks,
01:05including the European Investment Bank, to make these projects bankable.
01:10And the numbers behind it, 30 to 35 gigawatts new storage by 2028.
01:15And storage's share of peak power demand should be double from 5% to 10%.
01:20Some countries are already putting figures on the table, Poland 11,000 megawatts, Spain up to 5,000 megawatts,
01:27Austria 5,000 megawatts and Bulgaria's stage growth through 2028.
01:32Others, including Germany, still need to submit theirs by the end of the year.
01:36But there is a catch.
01:38The agreement is not legally binding, so no country can be forced to meet its numbers.
01:43But real obstacles remain.
01:45Storage operators often get charged twice for charging and discharging, permitting for new projects is slow and inconsistent,
01:53and grid connections are a bottleneck country by country.
01:56The Commission will track progress every year through 2028, focusing on capacity installed, peak demand covered and projects funded.
02:03If it works, Europe's grids get steadier and the energy bills get less exposed to the next energy shock.
02:09If it doesn't work, the 200 watts target and the renewables it's meant to unlock stay out of reach.
02:16For the full story, read our in-depth explainer on euronews.com.
