Opportunities: Carbon Capture Could See Huge Growth in 2022

Carbon capture is one of those technologies we don’t pretend to understand at IE, but the notion that you can store energy for the future, so it can be released at peak demand, is a simple and sensible concept. So we reckon carbon capture and other tech like battery/solar panel storage is going to emerge in the 2020s. That infrastructure will need cover, naturally. Here’s the word from Allianz;

Allianz is proud to announce that it is now offering insurance cover for Short Term Operational Reserve (STOR) technology, which allows energy providers to tap into extra power sources dependent on their specific commercial demands.

Due to the rising use of renewable energy sources, where power generation can fluctuate depending on season, climate and time of day, there is a growing need for the use of STOR installations by energy providers in order to introduce stability into the grid network. STOR installations utilise largely natural gas sources to generate electricity when it is needed.

Steve Kelly, head of insurance at Allianz Engineering, Construction and Power said: “There has always been some instability in the national grid due to changes in power demand during different times of the day. The traditional way to deal with that is large power generating stations sitting ready, but idling, for much of the working day. Not efficient.”

“Further, the growth of renewable energy sources could create further instability which would, if unmanaged, damage the plant equipment needed by the grid to distribute energy to homes and businesses.

“Renewable energy creates peaks and troughs of supply where there may be variations in sunlight, or reduced wind strength. STOR installations however provide much needed stability in the distribution of power by being able to generate energy at the times it is needed, in order to smooth out these fluctuations in supply. Even when the UK is using 100% renewable energy, there will always be a need for equipment like STOR to create balance, continuity and consistency in the supply (and a great deal less energy surplus and waste than would be the case had those large power station remained on-stream).”

Complementing Allianz’s already strong offering in the Renewable Power space, the new STOR technology cover is designed to help plant owners, ultimately, to support the generation and distribution of greener energy.

Aside from this, Allianz is also now offering cover for Battery Energy Storage Systems (BESS) to support power customers with similar goals in mind, but this is strictly limited in appetite.

Nick Hobbs, chief distribution and regions manager at Allianz Insurance said: “We have seen STOR tech being used a great deal more among our customers. It’s small scale, easier to mobilise and bring on line and often local to where it is needed which makes for more efficient transfer and utilisation. We have listened to what our customers were saying and are very happy to be supporting them in their drive to enable more and greener efficiencies.

“Energy efficiency, including STOR technology, can help transition to a net zero economy and we are resolute in our support for that with the right products deployed in the right way.”

About alastair walker 12131 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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