The UK government has introduced a new support scheme to encourage the development of long-duration energy storage LDES facilities.
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.
Long-Duration Energy Storage LDES UK Government Support Scheme Energy Storage Pumped Storage Hydro Liquid Air Energy Storage Compressed Air Energy Storage
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China unleashes stimulus blitzCentral bank cuts benchmark rate and unveils support for property and stock markets
Read more »
Banks Pledge $386 Billion to Support India's Renewable Energy IndustryIndia has secured $386 billion in investment commitments from financial institutions to support its ambitious goal of achieving 500 GW of renewable energy capacity by 2030.
Read more »
Ayrshire-based Scots Whisky giant unveils 'significant investment' plansWilliam Grant & Sons Distillers Ltd is seeking permission to build the storage facility at its sprawling plant at the Grangestone Industrial Estate.
Read more »
Tony Bloom urged to seek out Rangers investment over Hearts for 10m investmentBloom's sports analysis company Starlizard are in talks over an investment in the Jambos
Read more »
Ireland Unveils Pre-Election Budget with Tax Cuts and Cost-of-Living SupportIreland's finance minister announced a pre-election budget featuring personal tax cuts and cost-of-living supports, fueled by a €25 billion surplus. The government plans to allocate funds for infrastructure improvements in housing, energy, water, and transportation.
Read more »
What is Apple Intelligence? Tech giant's AI platform for the new iPhone 16 is coming to the US next...Apple unveils AI Intelligence platform that will generative AI models on iPhone 16.
Read more »