PANNON Green Power TSL1. Ltd. has installed grid energy storage facilities in Törökszentmiklós, located just south of Budapest) with the help of HUF 668.25 million European Union funding, the company said in a statement to MTI on Monday.
The investment in battery energy storage is an innovative solution for the Hungarian energy grid and energy market, supporting the spread of energy producers based on weather-dependent renewable energy sources, they said.
The energy storage unit with a capacity of 5MW (megawatts) and a storage capacity of 10 MWh (megawatt-hours), installed in the inner area of Törökszentmiklós, can effectively participate in balancing existing energy market troughs and peaks, the frequency conservation reserve (FCR) market, the frequency restoration reserve (aFRR, mFRR) market, they said.
According to the public company data, the net sales revenue of PANNON Green Power TSL1. Ltd., a Budapest-based company engaged in electricity generation and electricity trading, amounted to HUF 63,572,000 in 2023, compared to HUF zero in the previous year, according to the company's public register. The company's after-tax result in 2023 was a loss of more than HUF 72 million, compared to a loss of almost HUF 12 million in 2022.
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