Smart Storage Grid for Ukraine green energy int'l consortium set up at URC2023

MOSCOW. June 23 (Interfax) - An international consortium, Smart Storage Grid for Ukraine, was established on the sidelines of the Ukraine Recovery Conference (URC2023) in London, where the project was presented and the agreement on it was signed, Alexander Dombrovsky, president of MHP Eco Energy, which is in charge of the MHP Ukrainian agricultural holding's energy and environmental projects, said.

The agreement paves the way for industrial projects in Ukraine to promote power accumulation technology and to create innovative systems for distributing electricity from decentralized green generation, Ukrainian media said, citing a press release of MHP Eco Energy, which participates in the consortium.

The consortium's participants are leading companies in this field from the United States, the United Kingdom and Ukraine, including MSP Technology Ltd (UK), fifthVOLT GmbH (Austria), EPC Corporation (U.S.), and MHP Eco Energy and Voltage Group (both from Ukraine), the press release said.

"Power accumulation system technologies will make a significant contribution to Ukraine's energy stability and will help balance the energy system in peak consumption hours. These technologies are already wide-spread across the world and will play a critical role for the energy system of Ukraine," Dombrovsky said.

As reported, in accordance with Ukraine's energy strategy for the period up to 2050, which was presented by Energy Minister German Galushchenko, at the URC2023, Ukraine has the potential to increase its wind power capacity to 140 GW, which will require investments of $134 billion, its solar generation capacity to 94 GW ($62 billion in investments required), energy storage capacity to 38 GW ($25 billion in investments required), nuclear power generation to 30 GW ($80 billion in investments required), thermal power and biopower generation to 18 GW (the required amount of investments currently unknown), and hydropower generation to 9 GW ($4.5 billion in investments required). Ukraine will also need approximately $72 billion to develop its hydrogen technologies, $5 billion for transmission systems, and $4.5 billion for the hydropower sector, according to the strategy.