A leading trust has warned that National Grid needs to speed up grid connections for new renewable projects if it wants the UK’s investment climate to be more attractive.
Chris Gaydon, investment director at Octopus Renewables Infrastructure Trust , told City A.M. that grid access is the common denominator for all the different renewable technologies.
Renewable projects have to join a production queue for grid access, which operates on a first come first served basis – even though only 30-40 per cent of transmission projects come to fruition, leaving many developments stalling behind projects lacking funds or with logistical issues. This included updating modelling assumptions about which projects in the queue were feasible and fast-tracking battery storage projects.including from Octopus Energy boss Greg Jackson
ORIT reported solid growth for the second year running with net asset value up 12.3 per cent – and 25.9 per cent up since its IPO in December 2019. Around 86 per cent of its portfolio is operational, with the remaining 14 per cent in construction and development stages. However, the company has suffered a sharp drop in its share price over the past six months, with the FTSE 250 firm falling from 116p per share on 21 September a low of 89.5p per share earlier this week – meaning it is now trading at a discount.
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