Ofgem picks 16 long-duration electricity storage projects for possible support

(Sharecast News) - Ofgem said on Friday that 16 long-duration electricity storage projects had been provisionally selected for support under its cap and floor scheme, marking the next stage in efforts to unlock investment in large-scale storage across Great Britain. The projects span pumped storage hydro, compressed air energy storage, lithium-ion batteries and vanadium redox flow batteries, and are spread across Scotland and England, with one proposed flow battery project in north Wales.

Ofgem said the portfolio was expected to reduce costs by easing pressure on transmission and distribution networks and limiting the need for costly new infrastructure or constraint management.

Akshay Kaul, director general for infrastructure at Ofgem, said the regulator was "creating the right infrastructure for renewable energy to thrive and improve our energy security and reduce reliance on global gas markets".

Energy minister Michael Shanks said Britain could not "remain at the mercy of volatile fossil fuel markets", adding that new pumped hydro storage and batteries would help cut waste, lower bills and strengthen energy security.

A consultation on the minded-to decisions will run until 7 August, with final determinations expected later this year.

Reporting by Josh White for Sharecast.com.