How are lebanese energy storage companies doing

Why do we need energy storage solutions in the MENA region?

Dr. Ahmed Ali Attiga, CEO of APICORP, said, “The need for energy storage solutions in the MENA region is primarily driven by ambitious national renewable energy targets and mounting peak electricity demand as a result of accelerating economic development and diversification of the energy mix.

Why are energy storage systems being integrated in MENA?

The pace of integration of energy storage systems in MENA is driven by three main factors: 1) the technical need associated with the accelerated deployment of renewables, 2) the technological advancements driving ESS cost competitiveness, and 3) the policy support and power markets evolution that incentivizes investments.

How does energy affect Lebanon's economy?

Energy and electricity demand have weighed heavily on Lebanon’s economy. Imported fuel oil accounts for nearly a quarter of the national budget deficit, while electricity demand outpaces power generation capacity. Renewable energy technologies, in contrast, offer the prospect of clean, fully domestically sourced power and heat systems.

What is the future of energy storage in MENA?

MENA region has 30 planned energy storage projects in 2021 – 2025, with batteries expected to make up 45% of MENA’s total energy storage landscape by 2025 APICORP recommends ten key policy actions to support energy storage solutions integration, including the creation of a MENA Energy Storage Alliance to facilitate public-private partnerships

How can MENA countries take the lead in energy storage?

With adbundant land and low-cost solar and wind generation capacities, MENA countries have real competitive advantages that enable it to take the lead in energy storage and successfully navigate the energy transition.”

Will energy storage expand in MENA?

The current utility business model limits the prospects of energy storage expansion opportunities, unless driven by direct governmental support. Auctions in MENA have been a major driver for renewable energy deployment, most notably for solar and wind, but only a few have included energy storage.