The Division for Internet Zero and Vitality Safety (DESNZ) has confirmed the go-ahead of a scheme meant to stimulate funding within the UK’s long-duration vitality storage (LDES) sector.
Introduced on 10 October, DESNZ mentioned the Lengthy Length Electrical energy Storage funding assist scheme will “boost investor confidence and unlock billions in funding for vital projects”.
“This could see the first significant long duration energy storage (LDES) facilities in nearly 4 decades, helping to create back up renewable power and bolster the UK’s energy security.”
LDES applied sciences retailer renewable vitality and launch it onto the grid when required. It contains pumped storage hydro, which shops electrical energy by pumping water up a reservoir, to be launched later.
The putative cap-and-floor mechanism goals to beat among the conventional boundaries which have hampered LDES deployment, notably the excessive up-front prices, that are tough to cowl with the income streams generated by LDES schemes. Such a mannequin would supply a assured minimal revenue for builders, in return for a restrict on revenues. Its introduction follows a session held earlier within the yr.
Ofgem has agreed to behave as regulator and supply physique and the scheme’s first spherical is anticipated to be open to candidates subsequent yr.
The UK at the moment has 2.8 GW of LDES throughout 4 present pumped storage hydro schemes in Scotland and Wales, which already play a big function in powering the nation.
LDES applied sciences at an earlier stage of improvement embrace: liquid air vitality storage, compressed air vitality storage and stream batteries.
