UK Rolls Out Funding for Projects to Store Renewable Power
- Government is introducing cap and floor model for the sector
- Long duration energy storage is key for UK to reach net zero
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The UK government is launching a new funding program to unlock investment in long duration storage, a key part of its drive to optimize the expansion of renewable energy.
Under the so-called cap and floor regime — already used for electricity interconnectors — energy storage developers will be guaranteed minimum revenues. That will ensure companies can at least make debt repayments, but a revenue cap means they must share profits above a certain level.