Powering tomorrow Navigating the energy transition landscape 2024 - Flipbook - Page 15
• EU: The Renewable Energy Directive III,
昀椀nalized earlier this year, sets more ambitious
clean energy goals and provides greater
regulatory clarity for the industry, allowing
projects previously on hold to move forward. The
Directive also includes much-needed de昀椀nitions
for speci昀椀c types of renewable energy.
‘‘
Excellent experience in all facets
of offshore wind acquisitions,
development, construction and
financing. Hogan Lovells is our
law firm of choice for our global
offshore wind projects.
‘‘
The lack of clarity poses obstacles for energy
storage companies and project developers.
Fortunately, new and pending legislation
may soon make developing these projects
easier. Here’s what industry executives should
be tracking:
Energy, Germany, Legal 500 EMEA, 2023
• UK: Parliament is in the 昀椀nal stages of
approving primary legislation to amend
the Electricity Act to designate electricity
storage as a distinct subset of generation, in
order to provide clarity and certainty over
its treatment within the existing regulatory
frameworks. The reforms are structured to
ensure continuity with current electricity
storage practices, while also providing
昀氀exibility to treat storage di昀昀erently from
electricity generation when appropriate.
• U.S.: While there is no federal energy storage
framework on the horizon, the 2022 In昀氀ation
Reduction Act contains US$369 billion in clean
energy incentives and tax credits, including
energy storage systems and technologies.
The bill also made standalone energy storage
assets eligible for the investment tax credit and
o昀昀ered provisions to strengthen the domestic
battery manufacturing sector.
For those looking to navigate this evolving
regulatory landscape—across types of energy
storage, member states, and/or regional
requirements—there is no one-size-昀椀tsall approach. Leveraging the knowledge
and experience of in-house teams, lawyers,
consultants, and technical experts can help
ensure that energy storage operators make
these shifting requirements work best for them.
Hogan Lovells | Powering tomorrow: Navigating the energy transition landscape
15
