24 Apr 2020, 14:15
Freja Eriksen

Munich Re first to offer insurance for performance of large-scale battery storage facilities

Süddeutsche Zeitung

Reinsurer Munich Re has said it will be the first to offer insurance of the long-term performance of large-scale storage facilities, writes Süddeutsche Zeitung. The possibility could convince hesitant investors, said the insurer's Sebastian Scholz. As an example, the storage system's by manufacturer Smart Power are covered by Munich Re's policy. If costs for maintenance, repair or replacement exceed a certain threshold, the insurance takes effect. Customers are also covered in case the company or a battery cell supplier becomes insolvent. Scholz sees significant opportunities for growth. "The potential for batteries is currently far from exhausted," he told Süddeutsche Zeitung.

Germany's rapidly rising share of weather-dependent renewable energy has made the country a testbed for storage technologies. Improving power storage capacity is seen as vital to the expansion of Germany’s renewable energy sources and the planned phase-out of both nuclear and coal power. The country has seen a significant increase in large-scale storage systems, used primarily for grid stabilisation over the past years. In 2018, the country had 59 LSS with a total capacity of 550 MWh.

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