Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksItm Power Regulatory News (ITM)

Share Price Information for Itm Power (ITM)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 49.44
Bid: 49.60
Ask: 49.90
Change: -1.51 (-2.96%)
Spread: 0.30 (0.605%)
Open: 49.20
High: 50.65
Low: 49.20
Prev. Close: 50.95
ITM Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

EU Directives to Drive Power-to-Gas Energy Storage

1 Dec 2016 07:00

RNS Number : 6100Q
ITM Power PLC
01 December 2016
 

1 December 2016

 

ITM Power plc

("ITM Power" or the "Company")

 

New EU Directives to Drive the Adoption of Power-to-Gas Energy Storage

 

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to note a new package of proposed directives announced yesterday by the European Commission - "Clean Energy for All Europeans - unlocking Europe's growth potential". The directives will have a significant effect on the uptake of Power-to-Gas (P2G) energy storage and green hydrogen fuel made by electrolysis across Europe.

 

A new definition of Energy Storage that includes Power-to-Gas

The energy storage definition specifically includes the conversion of electricity to another energy carrier such as hydrogen. Unlike many previous definitions of storage it is not restricted to power-in/power-out storage and so facilitates the adoption of the power-to-gas approach. The EC definition will enable P2G plant and electrolyser-Hydrogen Refuelling Stations (HRS) to offer storage facilities to the electricity market, while selling hydrogen to the mobility and gas sectors. It will broaden understanding of the needs of a flexible power system and dissuade the electricity industry from thinking only in terms of Power-to-Power (P2P) storage - e.g. batteries.

 

A level playing field for generation, storage and demand response

Storage technologies have previously suffered from a lack of identity and payment structure within the electricity market, often being seen simply as an electrical load or as a power generator. By providing a level playing field for generation, storage and demand response players can each participate in providing flexibility services to the grid operator. Electrolysers will be able to be instructed by grid operators to provide up/down response for grid services (including frequency regulation and excess energy absorption) and will receive balancing services payments across the EU - as they do already in the UK.

 

Guarantee of origin scheme for hydrogen

Guarantees of Origin are currently in place for renewable electricity and renewable heating/cooling. By extending them to renewable gases including hydrogen, a consistent means of proving the origin of the gas to consumers is provided so that they can be confident that they are using low-carbon gas. To implement this, a carbon intensity threshold for hydrogen will be applied and provided it is at or below the threshold value, it will be classified as low-carbon and certificates will be awarded to producers of low-carbon hydrogen.

 

ITM Power CEO, Dr. Graham Cooley, said: "These new EU directives are fundamentally important for unlocking the potential of rapid response grid balancing using electrolysis and for the deployment of Power-to-Gas energy storage across Europe. The guarantee of origin scheme also differentiates green hydrogen as a fuel for transport."

 

 

For further information please visit www.itm-power.com or contact:

 

ITM Power plc

Graham Cooley, CEO

 

+44 (0)114 244 5111

Zeus Capital

Dan Bate / Andrew Jones / Hugh Kingsmill Moore

 

+44 (0)20 3829 5000

Tavistock Communications

Simon Hudson / James Collins

+44 (0)20 7920 3150

 

About ITM Power plc

ITM Power manufactures integrated hydrogen energy solutions which are rapid response and high pressure that meet the requirements for grid balancing and energy storage services, and for the production of clean fuel for transport, renewable heat and chemicals. ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004. The Company received £4.9m as a strategic investment from JCB in March 2015. The Company signed a forecourt siting agreement with Shell in September 2015. The Group currently has £18.27m of projects under contract and a further £2.79m of contracts in the final stages of negotiation, totaling £21.06m, subject to exchange rate variation. ITM Power is a founder member of the Social Stock Exchange.

 

About Power-to-Gas Energy Storage

Power-to-Gas is the process of converting surplus renewable energy into hydrogen gas by rapid response electrolysis and its subsequent injection into the gas distribution network. Rapid response electrolysis offers an effective route for assimilating renewable power and converting it to hydrogen which can be stored for long periods for subsequent use as a fuel for heat, mobility or power generation.

 

As the proportion of renewable energy in the electricity grid increases, the ability to match this unscheduled intermittent supply with the time- varying demand becomes increasingly problematic. In fact as the deployment meets and exceeds 20% capacity, as already experienced in many countries, grid balancing issues become acute leading to the curtailment of wind (wind turbines are switched off). This is driving the need for long term, large scale energy storage solutions. http://www.itm-power.com/sectors/power-to-gas-energy-storage

 

-ends-

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
NRAFDUFMSFMSELF
Date   Source Headline
26th Apr 20247:00 amRNSPartnership with Hygen for industry growth
16th Apr 20241:32 pmRNSDirector/PDMR Shareholding
15th Mar 20244:00 pmRNSDirector/PDMR Shareholding
16th Feb 20244:00 pmRNSDirector/PDMR Shareholding
5th Feb 20244:00 pmRNSBlock listing Interim Review
31st Jan 20247:00 amRNSInterim Results
16th Jan 20244:00 pmRNSDirector/PDMR Shareholding
15th Jan 20247:00 amRNSNotice of Interim Results and Presentation
15th Dec 20234:00 pmRNSDirector/PDMR Shareholding
11th Dec 20237:00 amRNS100MW Capacity Reservation
4th Dec 20237:00 amRNSTrading Update
15th Nov 20234:00 pmRNSDirector/PDMR Shareholding
8th Nov 20237:00 amRNSLaunch of Hybrid Stack
30th Oct 20237:00 amRNSGrants under Long Term Incentive Plan
20th Oct 20237:00 amRNSITM announces completed sale of Motive Fuels Ltd
16th Oct 20237:00 amRNSEntry into the US market
13th Oct 20234:00 pmRNSDirector/PDMR Shareholding
19th Sep 20237:00 amRNSDirector/PDMR Shareholding
15th Sep 20234:00 pmRNSDirector/PDMR Shareholding
11th Sep 20234:30 pmRNSTotal Voting Rights
11th Sep 20234:30 pmRNSBlock listing Interim Review
1st Sep 20237:00 amRNSNotice of Annual General Meeting and Annual Report
17th Aug 20237:01 amRNSITM Power releases POSEIDON 20MW module
17th Aug 20237:00 amRNSITM Power PLC: Final Results
15th Aug 20234:00 pmRNSDirector/PDMR Shareholding
14th Aug 20237:00 amRNSHeads of Terms for sale of Motive Fuels Ltd
26th Jul 20237:00 amRNSRoadmap for strategic collaboration with Gore
25th Jul 20237:00 amRNSUpdate on timing of FY23 results announcement
17th Jul 202311:00 amRNSITM Power contract award towards 100MW project
17th Jul 20239:46 amRNSDirector/PDMR Shareholding
10th Jul 20237:00 amRNSITM Power Expands in Germany
3rd Jul 20237:00 amRNSStrategic collaboration with Mott Corporation
30th Jun 20237:00 amRNSUKCA Accreditation Received
15th Jun 20234:00 pmRNSDirector/PDMR Shareholding
14th Jun 20234:00 pmRNSHolding(s) in Company
1st Jun 20237:00 amRNSTrading Update
16th May 20234:00 pmRNSDirector/PDMR Shareholding
17th Apr 20234:00 pmRNSDirector/PDMR Shareholding
3rd Apr 20237:00 amRNSAdditional facilities at Bessemer Park
24th Mar 202312:33 pmRNSDirector/PDMR Shareholding
16th Mar 20234:00 pmRNSDirector/PDMR Shareholding
14th Mar 20237:00 amRNSExpanding test capacity
16th Feb 20235:00 pmRNSDirector/PDMR Shareholding
14th Feb 20237:00 amRNSLTIP Grant
3rd Feb 20236:00 pmRNSBlock listing Interim Review
31st Jan 20237:00 amRNSInterim Results and Strategic Update
23rd Jan 20237:00 amRNSNotice of Interim Results
17th Jan 20234:00 pmRNSDirector/PDMR Shareholding
16th Jan 20237:00 amRNSTrading & Operational Update
15th Dec 20224:00 pmRNSDirector/PDMR Shareholding

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.