Business

Allianz to offer STOR technology cover

Due to the rising use of renewable energy sources, there is a growing need for the use of STOR installations by energy providers in order to introduce stability into the grid network

Allianz Insurance has announced 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, 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.

The new technology cover is designed to help plant owners 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.

“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.”

Nick Hobbs, chief distribution and regions manager at Allianz Insurance, added: “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.

“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.”

Show More
Back to top button