Chile has enacted the Renewable Energy Storage and Electromobility Law, which will compensate standalone storage projects for injecting electricity into the grid and being available at times of peak demand.
Chile has enacted a new law on energy storage and electromobility, following its approval in parliament in October.
“This law promotes the participation of renewable energies in the electricity matrix, allowing their storage and avoiding the dumping of the generated production,” said the Chilean Ministry of Energy.
The main features of the law include the possibility of compensating standalone storage projects to inject energy into the grid, in addition to being available at times of peak demand. It may also accelerate the retirement of coal-fired power plants.
In addition, the law seeks to reduce the cost of circulation permits for electric vehicles for periods of eight years. EV owners would be exempt from paying fees in the first two years, followed by a gradually rising fee. The measure would reportedly bring the price of EVs down to the level of internal combustion engine vehicles, which are about 65% cheaper at present.
“We are entering a period which will allow the development of flexible renewable energies. We need to encourage the use of clean technologies that allow the grid to respond during peak demand times to stop depending on fossil fuels,” said the Chilean Minister of Energy Diego Pardow. “This is the only way to decarbonize our energy matrix.”
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