The UK has outlined a new funding model designed to boost investment in large-scale renewable energy storage projects. The initiative aims to address one of the key challenges of transitioning to green energy: the intermittent nature of renewable sources like wind and solar power. By creating a financial framework, the government hopes to encourage the development of projects capable of storing surplus energy generated during periods of high renewable output, which can then be used during times of low generation.
The funding model will focus on long-duration energy storage (LDES) systems, including pumped hydro, compressed air energy storage, and emerging battery technologies. The key aspect of the plan is to offer financial incentives to developers, such as guaranteed minimum revenues, similar to the Contracts for Difference (CfD) mechanism used to support renewable power projects. This approach is intended to de-risk investments and provide more financial certainty to investors and developers.
By prioritizing energy storage infrastructure, the UK government is addressing a critical bottleneck in the green energy transition. This strategy could help the country achieve its ambitious net-zero targets by ensuring renewable energy is available when it's most needed, further reducing reliance on fossil fuels.
https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.reuters.com/sustainability/climate-energy/britain-sets-out-funding-model-renewable-energy-storage-projects-2024-10-09/&ved=2ahUKEwiJlOaW8YWJAxWCnf0HHUyQOJMQFnoECBsQAw&usg=AOvVaw3gc_NnyaOH8qW5O7EnVSWb
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5 w
This is a vital step toward a stable, green energy future, addressing the intermittency of renewables and bolstering sustainable power supply.💚💚👏
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7 w
Fantastic move by the UK!.
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7 w
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8 w
This is great... investing in green energy is what we all should focus on inorder to bring about the kind of change that we need .
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8 w
this is a great progress in the renewables
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8 w
The UK’s commitment to funding such initiatives demonstrates its focus on achieving its ambitious net-zero targets
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8 w
Hopefully this funding model will give developers the confidence they need to invest in long-duration storage projects
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8 w
This initiative demonstrates the government's commitment to supporting the development of energy storage technologies, which will be crucial for achieving a more sustainable and reliable energy system.
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8 w
@walter_lungayi the country will achieve more with this progress
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8 w
a major progression in the UK's renewable energy industry.
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8 w
This is a great initiative that is set to encourage a green energy transition. This is the way to go , congratulations to UK.
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5 w
@joseph_githinji True! This will really serve as an attraction of investing in green energy,
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8 w
great initiative that will accelerate the integration of wind and solar power, reduce reliance on fossil fuels, and ultimately help meet the UK’s ambitious net-zero goals........
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8 w
@becky_maina sure, this showcases the government’s commitment in enhancing the solar and wind energies