UK Unveils Investment Support for Renewable Energy Storage

The UK on Thursday announced a new support scheme for renewable energy storage projects, which will offer developers of long-duration energy storage LDES facilities a guaranteed minimum income. The UK government expects to open to applicants next year the first round of the scheme under the so-called ‘cap and floor’ model, which would provide a guaranteed minimum income for developers, in return for a limit on revenues.

Energy storage could also reduce household energy bills as additional cheaper renewable energy would be available to meet demand at peak times, which would cut reliance on expensive natural gas. “We’re reversing a legacy that has seen no new long duration storage built for 40 years - and taking steps to unleash private investment in both established and new technologies,” Energy Minister Michael Shanks said.

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