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POWER: UK Launches Scheme to Boost Renewable Energy Storage

POWER
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The UK government has launched a “cap and floor” scheme to attract investment in renewable Long Duration Electricity Storage (LDES) projects, it said. 

  • The scheme will guarantee a minimum income for developers in return for a limit on revenues.
  • The UK has currently 2.8GW of LDES across four pumped storage hydropower sites in Scotland and Wales.
  • Deploying 20GW of LDES would save the power system £24bn between 2025 and 2050, while NESO estimated that a 11.5-15.3GW of LDES will be required to achieve net zero by 2050.
  • Several projects are currently under construction and are scheduled to be operational by 2030. 
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The UK government has launched a “cap and floor” scheme to attract investment in renewable Long Duration Electricity Storage (LDES) projects, it said. 

  • The scheme will guarantee a minimum income for developers in return for a limit on revenues.
  • The UK has currently 2.8GW of LDES across four pumped storage hydropower sites in Scotland and Wales.
  • Deploying 20GW of LDES would save the power system £24bn between 2025 and 2050, while NESO estimated that a 11.5-15.3GW of LDES will be required to achieve net zero by 2050.
  • Several projects are currently under construction and are scheduled to be operational by 2030.