The UK Government has announced a new investment support scheme designed to attract funding for long duration energy storage (LDES) projects.
This scheme seeks to address barriers that have hindered the development of new storage facilities for nearly 40 years, such as high upfront costs, despite lower operating costs for these projects.
LDES technologies, which act like giant batteries, store renewable energy and release it when needed, helping to balance supply and demand.
Examples include pumped storage hydro systems, which store energy by pumping water into reservoirs to be released later.
By providing a steady supply of clean, home-grown energy, these projects can enhance the UK’s energy security and shield consumers from fluctuations in global gas prices.
Energy Minister Michael Shanks said: “We are wasting no time in unlocking Britain’s vast renewable potential by expanding wind and solar power.
“But we also need to increase our ability to store this energy for when the sun isn’t shining, or the wind isn’t blowing.
“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.”
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