Britain is set to see an increase in long duration energy storage projects, including new pumped storage hydropower sites, as the government rolls out a new investment scheme.
These “water batteries” store energy by pumping water uphill when electricity is cheap, then releasing it to generate power during peak demand.
While the UK already has four such sites, no new ones have been built in nearly 40 years due to high development costs.
The new cap-and-floor scheme aims to attract investment by guaranteeing a minimum income for developers, while capping excess profits.
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