The four longer-duration energy storage demonstration projects will help to achieve the UK’s plan for net zero by balancing the intermittency of renewable energy, creating more options for sustainable, low-cost energy storage in the UK.
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.
The US utility-scale storage sector saw tremendous growth over 2022 and 2023. The volume of energy storage installations in the United States in 2022 totaled 11,976 megawatt hours (MWh)—a figure surpassed in the first three quarters of 2023 when installations hit 13,518 MWh by cumulative volume.
Construction risks: It is common practice to see multiple equipment supply, construction, and installation contracts rather than one turnkey engineering, procurement, and construction (EPC) contract for energy storage projects.
Energy will be stored as compressed air in the underground cavities at times of surplus, and then released when required to meet system demand – in a low carbon manner and while providing other system benefits, such as grid stability and flexibility services.
Analysis has found that deploying 20 GW of LDES could save the electricity system £24 billion between 2025 and 2050, reducing 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.