Peep Siitam: Long-duration energy storage has a vital role to play in ensuring global energy security

Peep Siitam, the CEO and founder of Zero Terrain, spoke at the leading European energy conference, Lisbon Energy Summit & Exhibition 2024 in Portugal last week, showcasing pumped-hydro energy storage’s role in energy security and security of supply. 



Zero Terrain introduced pumped-hydro energy storage (PHS) and Zero Terrain PHS technology to the audience at the event. According to Siitam, EU Member States generally understand the crucial role of long-term storage in renewable energy-based systems. “Production and consumption must be viewed as the sum of several different production and consumption possibilities,” he explained. “Within this pattern, long-term storage is even more important in ensuring energy security than conventional dispatched power generation. For example, in the case of Estonia, the Paldiski 500 MW PHS plant alone reduces the need for high-cost fossil-fueled power generation by up to 40%, lowering electricity prices and, at the same time, improving the profitability of both renewable energy and conventional power plants as a guarantor of security of supply. That also reduces any need for subsidies.” 


In his presentation, Siitam also emphasised the importance of private-sector investments based on suitable guarantee mechanisms for realisation. “Due to the limited financial resources of the European Union and the uncertainty of market regulation, it is critical from the point of view of the competitiveness of the economic community and Member States to find appropriate cooperation formats and guarantee mechanisms for both the private and public sectors to achieve investment income security,” he said. 



Lisbon Energy Summit & Exhibition 2024 occurred in the Portuguese capital from 27-29 May 2024. It is Europe’s leading energy transition event, attended by over 3,000 industry experts worldwide, including ministers, policy-makers, project developers, investors, energy company managers and other industry experts. The three-day high-level strategic conference, which shares insights into transitioning the EU’s energy system to one based on renewables and in line with the REPowerEU initiatives, came about in response to the Russian invasion of Ukraine in 2022 and the subsequent increase in energy prices and supply disruptions. 



Zero Terrain’s Paldiski project – the 500MW PHS plant in Estonia – supports the nation’s goal of transitioning to 100% independent renewable energy by 2030 and ensuring lower electricity prices for consumers.  



About Zero Terrain 


Initiated in 2009, Zero Terrain Paldiski is an EU Project of Common Interest (PCI) project. As a strategic infrastructure project, its preparation has been supported by the Connecting Europe Facility – managed by the European Climate, Infrastructure and Environment Executive Agency (CINEA).   


The Zero Terrain Paldiski obtained the main building permits in December 2022 and is currently open to bidding on the Mercell tendering platform to interested parties worldwide. The construction of Estonia’s first PHS plant will begin in 2025 and commence operations at full capacity in 2031.   


Zero Terrain’s investors include  AS AlexelaSunly AS, Vool OÜ, Combiwood Grupp OÜWarmeston OÜ, and Ronnivara OÜ.

More information about the Lisbon Energy Summit & Exhibition can be found here: Lisbon Energy Summit & Exhibition 2024 | 27 – 29 May 2024 | Home Page 

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