EDF Plans to Invest $10B in Energy Storage by 2035
April 3, 2018
French utility EDF is angling to become the European leader in energy storage solutions.
The company unveiled a new Electricity Storage Plan last week with a goal to develop 10 gigawatts of energy storage around the world by 2035, on top of the 5 gigawatts it currently has in operation. EDF said the accelerated plan represents an investment of 8 billion euros — or just shy of $10 billion — between 2018 and 2035.
The move comes as other European energy giants, including Enel, E.ON and Total, are also making significant investments in the energy storage sector.
EDF is already involved in energy storage technology applications, including batteries and pumped hydroelectric storage. The state-owned utility says its ambitions are focused on all segments of the electricity storage market “to help ensure the smooth running of a balanced electricity system, for residential customers, businesses and countries.” The EDF Group is particularly interested in becoming a leader in residential storage and self-consumption services in France and Europe.