The Wärtsilä Energy Transition Lab
shows extremely well the evolving electricity market landscape in Europe. We have witnessed the record renewable share levels, lower demand, significantly lower prices, challenging times for baseload generation, and more profit for energy storage installations. While the electricity prices are almost halved, the price volatility in the market has increased. Flexible assets like energy storage are benefiting from the situation, and we have witnessed close to 30% higher profits for energy storage installations in the UK in 2020 compared to 2019.