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New Energy Storage Planning Announcement

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New Energy Storage Planning Announcement [PDF]

6 FAQs about [New Energy Storage Planning Announcement]

How will the new energy storage scheme work?

The new energy storage scheme will include a cap on the revenues of project owners, forcing them to share some or all profits above a set threshold, while a minimum floor price will guarantee certain revenues for operators.

How will a new funding program help energy storage developers?

The UK government is launching a new funding program to unlock investment in long duration storage, a key part of its drive to optimize the expansion of renewable energy. Under the so-called cap and floor regime — already used for electricity interconnectors — energy storage developers will be guaranteed minimum revenues.

What is the long duration energy storage Investment Support Scheme?

Long Duration Electricity Storage investment support scheme will boost investor confidence and unlock billions in funding for vital projects. The UK is a step closer to energy independence as the government launches a new scheme to help build energy storage infrastructure.

How much government funding has been given to energy storage projects?

This was published under the 2022 to 2024 Sunak Conservative government Over £32 million government funding has been awarded to UK projects developing cutting-edge innovative energy storage technologies that can help increase the resilience of the UK’s electricity grid while also maximising value for money.

Could a new energy investment spur the first long-duration power storage facility?

The Department for Energy Security and Net Zero (DESNZ) said the new investment scheme could spur the first major long-duration power storage facilities the country has seen in almost four decades.

What is a long duration energy storage cap & floor investment scheme?

The Department for Energy Security and Net Zero (DESNZ) has announced a long duration energy storage (LDES) cap and floor investment scheme to help bring forward more energy storage schemes. DESNZ said the scheme would be administered by Ofgem and is intended to support a significant uplift in the UK’s energy storage capacity.

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