Press release -
Allianz enhances renewable offering with Short Term Operational Reserve (STOR) adoption
Allianz Insurance to cover STOR technology, which is seeing an uptick in usage among energy providers.
Allianz is proud to announce that it is now offering insurance cover for Short Term Operational Reserve (STOR) technology, which allows energy providers to tap into extra power sources dependent on their specific commercial demands.
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.
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).”
Complementing Allianz’s already strong offering in the Renewable Power space, the new STOR technology cover is designed to help plant owners, ultimately, to support the generation and distribution of greener energy.
Aside from this, Allianz is also now offering cover for Battery Energy Storage Systems (BESS) to support power customers with similar goals in mind, but this is strictly limited in appetite.
Nick Hobbs, chief distribution and regions manager at Allianz Insurance said: “We have seen STOR tech being used a great deal more among our customers. It’s small scale, easier to mobilise and bring on line and often local to where it is needed which makes for more efficient transfer and utilisation. We have listened to what our customers were saying and are very happy to be supporting them in their drive to enable more and greener efficiencies.
“Energy efficiency, including STOR technology, can help transition to a net zero economy and we are resolute in our support for that with the right products deployed in the right way.”
ENDS
Topics
Regions
About Allianz Insurance
Allianz Insurance plc is one of the largest general insurers in the UK and part of the Allianz Group.
About Allianz Group
The Allianz Group is one of the world's leading insurers and asset managers with more than 100 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 790 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage 1.7 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are amongst the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2020, over 150,000 employees achieved total revenues of 140 billion euros and an operating profit of 10.8 billion euros for the group.
*Including non-consolidated entities with Allianz customers
These assessments are, as always, subject to the disclaimer provided below.
Cautionary note regarding forward-looking statements
This document includes forward-looking statements, such as prospects or expectations, that are based on management's current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements. Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz Group's core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates, most notably the EUR/USD exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions including and related integration issues and reorganization measures, and (xi) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.
No duty to update The Allianz Group assumes no obligation to update any information or forward-looking statement contained herein, save for any information we are required to disclose by law.
