Allianz enhances renewable offering with STOR adoption

Allianz has expanded its renewable energy offering to cover for Short Term Operational Reserve technology, which allows energy providers to tap into extra power sources dependent on their specific commercial demands.

Ultimately, the new technology cover is designed to help plant owners to support the generation and distribution of greener energy.

Steve Kelly, head of insurance at Allianz Engineering, Construction and Power said: “There has always been some instability in the national grid due to changes in power demand during different times of the day. The traditional way to deal with that is large power generating stations sitting ready, but idling, for much of the working day. Not efficient.”

“Further, the growth of renewable energy sources could create further instability which would, if unmanaged, damage the plant equipment needed by the grid to distribute energy to homes and businesses.

“Renewable energy creates peaks and troughs of supply where there may be variations in sunlight, or reduced wind strength. STOR installations however provide much needed stability in the distribution of power by being able to generate energy at the times it is needed, in order to smooth out these fluctuations in supply. Even when the UK is using 100% renewable energy, there will always be a need for equipment like STOR to create balance, continuity and consistency in the supply (and a great deal less energy surplus and waste than would be the case had those large power station remained on-stream).”

Due to the rising use of renewable energy sources, where power generation can fluctuate depending on season, climate and time of day, there is a growing need for the use of STOR installations by energy providers in order to introduce stability into the grid network. STOR installations utilise largely natural gas sources to generate electricity when it is needed.

Image courtesy Allianz Insurance

    Share Story:

YOU MIGHT ALSO LIKE


Cyber physical risks
Property damage as a consequence of cyber attack is often excluded from standard property policies, but as the industrial internet of things expands, so too do the risks. This podcast examines the evolving threat landscape. Published October 2021

Financial institutions were early adopters of cyber security and insurance. Are they still on top of the game?
Managing huge amounts of sensitive data online makes financial institutions a prime target for hackers. As such, the sector was an early cohort for insurers in creating cyber cover. Since then, the market has evolved almost beyond recognition. It continues to challenge itself to this day, complying with rigorous regulatory demands and implementing avant-garde enhancements to keep abreast of the ever-changing risks. Published June 2021