Image: Craig Adderley, Pexels
By ESS news
BESS is not an obscure outlier in the insurance space, and the good news for the battery sector is that as deployments scale and the technology matures, insurers are starting to see enough data to assess risk with more confidence. At the same time, there are plenty of incidents in the sector that reveal new cost factors and create gray areas in terms of liability.
Oliver Litterick, head of sustainable energy at TMGX (formerly known as GCUbe Insurance), a global insurer of BESS projects, said ESS news that the battery insurance market is in a balance between optimism and caution, and in a constant state of adjustment, but it is all still taking shape before our eyes.
“Are we going to make long-term insurance profits on BESS? The early signs are good,” said Litterick, who described the sector as “still in its embryonic stages” compared to traditional insurance areas. And despite the very large amount of volatile chemicals in use, batteries, he added, appear to be better able to withstand exposure to natural disasters than solar power and at least lack the moving parts of wind power.
To read further, visit our ESS news website.
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