RCS - Corre Energy B.V. - Non-Regulatory: Corre Energy as part of TYNDP

Corre Energy BVAnnouncement

28/02/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240228:nRSb6823Ea&default-theme=true

RNS Number : 6823E  Corre Energy B.V.  28 February 2024

Corre Energy B.V.

("Corre Energy" and the "Company")

Corre Energy becomes largest energy storage developer in Europe

Corre Energy, a leader in long duration energy storage (LDES), is now the
largest developer of energy storage in Europe following the publication of an
EU-wide plan. With 100 GWh of Compressed Air Energy Storage (CAES) under
development, Corre Energy's projects represent c20% of the total capacity of
planned large-scale energy storage projects in Europe over the next 10 years.

The 10-year network development plan (TYNDP) is managed by the European
Network of Transmission System Operators for Electricity, the official
association of European transmission system operators (TSOs), representing 36
countries. Alongside Corre Energy's projects in the Netherlands and Denmark,
the plan now includes the Company's latest project in Germany. The achievement
highlights the critical role of Corre Energy's pipeline in meeting the EU's
climate and energy targets, ensuring a cost-effective and secure energy
transition.

The plan is designed to complement and support efforts by TSOs in planning how
power will be added, linked and stored over the coming decade. It means Corre
Energy's projects are set to be incorporated in national grid plans across
three European states, while inclusion in the plan represents a further step
towards accelerating permitting plans in each country.

The latest plan comes at a time of growing EU momentum behind the energy
transition, aiming to deliver infrastructure investment in a timely,
cost-effective and secure way. Earlier this month the European Commission
recommended that the EU should cut its net emissions to 90% below 1990 levels
by 2040. Renewable energy is fully recognised as key to this transition, with
flexibility and large-scale storage called out as critical.

Keith McGrane, CEO of Corre Energy, commented: "Corre Energy is now proudly
and officially the largest energy storage developer in Europe. With the latest
addition of our project in Germany, the EU-wide plan shows the close
convergence of our pipeline with the ramping up of Europe's energy transition.
The EU needs to cut emissions by 2040 and only critical projects like ours
will help to turn goals into reality."

For further information please visit https://corre.energy/
(https://corre.energy/) or contact:

 Corre Energy                                       +31 (0) 50 799 5060
                                                    ir@corre.energy

 Davy (Euronext Growth Listing Sponsor)             +353 87 689 9195

 Barry Dixon, Head of Decarbonization Finance       barry.dixon@davy.ie

 Murray PR (Financial PR and IR)                    + 353 87 226 9345

 Pat Walsh, Managing Director                       pwalsh@murraygroup.ie

 

ABOUT CORRE ENERGY: Corre Energy designs, develops, constructs, and operates
utility-scale Long Duration Energy Storage (LDES) projects in Europe and North
America. Through our project development activities, Corre Energy is working
to accelerate the energy transition to net zero, while enhancing the security
and flexibility of large-scale energy systems.

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAQKOBBOBKDCBB