Energy deposits, cooperation with EBRD - Balluku: In focus, advancing projects and improving the regulatory framework
Advancing energy storage projects and improving the regulatory framework in this regard are the focus of a memorandum of understanding between the Ministry of Infrastructure and Energy and the European Bank for Reconstruction and Development.
The signing was made by Minister Belinda Balluku and EBRD Director for Central and South-Eastern Europe, Charlote Ruhe. In a post on social media, Balluku called the memorandum “another step towards the 2030 objective, for Albania to be a net energy exporter.”
The proposed changes to the law "On the Energy Sector" also recognize and regulate for the first time the concept of "energy storage" as a new element in the country's electricity system.
Storage is a way to postpone the use of electrical energy for a later time, through physical or chemical methods, including transforming electrical energy into another form of energy that can be stored.
Meanwhile, the new law paves the way for licensing of energy storage entities, requiring that every natural or legal person operating energy storage facilities be licensed by the Energy Regulatory Authority.
Energy storage is considered essential for a modern, sustainable and efficient energy system. This is for several reasons, ranging from balancing production and consumption to reducing costs.
More specifically, since electricity is produced in real time, but demand and production are not always synchronized, storage enables energy to be stored when there is a surplus, for example during hours of high sunshine or wind, and used when there is a shortage or high demand.
Also, by storing energy when it is cheaper, such as at night, and using it when the price is high, consumers and operators can significantly reduce energy costs.
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