A brand new market mechanism is required to unlock funding in a spread of longer lasting power storage applied sciences within the UK, in accordance with a brand new report from Affiliation for Renewable Energies and Clear Applied sciences (REA).

In any other case, future longer-lasting power storage wants won’t be met with out vital change, the report discovered.

The Longer-lasting power storage: the lacking piece for a low-cost, dependable and internet zero power future report estimates that the UK will want at the least 30 GW of longer-lasting power storage by 2050.

The report concludes that this goal shouldn’t be presently deliverable given the present market and regulatory framework.

REA’s evaluation revealed that an revenue flooring could be the perfect market mechanism to assist this class of storage, however {that a} regulated asset base mannequin is likely to be an appropriate different.

Obstacles recognized included the comparatively quick length of contracts for capital-intensive initiatives and a purchase order of “salami-sliced” companies.

Whereas welcoming the federal government’s announcement of a £ 68million demonstration competitors for the primary power storage initiatives of its variety, the REA stated it won’t resolve the obstacles to deployment that have an effect on all longer lasting power storage applied sciences.

REA Coverage Director Frank Gordon stated: “Longer-term power storage can be important to assist our grid all through the power transition within the transition to internet zero.

“Nonetheless, as our report exhibits, we’re a great distance from assembly our targets on present traits.

Whereas I welcome the federal government’s announcement of a £ 68million demonstration competitors for the primary power storage initiatives of its variety, this won’t resolve the boundaries to deployment that have an effect on all storage applied sciences longer lasting power.

It’s clear that to stimulate funding on this space, a brand new market mechanism is required.

“We see an revenue flooring as essentially the most applicable choice, however a regulated asset base mannequin is the following finest different.

“We’ll work with BEIS to push for change on this space and hope they reply by issuing a name for proof alongside the replace of the sensible techniques and suppleness plan.”

Drax Group CEO Will Gardiner added: “Britain’s pumped storage stations have by no means been extra vital to decarbonising the nation.

“They play a significant position in sustaining grid stability and permitting extra wind energy to come back on-line.

Versatile and responsive energy era and storage capability from pumped hydropower initiatives like Cruachan are key to assembly the UK authorities’s internet zero goal by 2050.

“With the correct assist framework from the federal government, a brand new era of pumped storage hydropower crops could be constructed, supporting new jobs and serving to the nation decarbonize quicker.”



Supply hyperlink