UK Government Sets 8-Hour Minimum For LDES Cap-And-Floor Scheme
The title of this post, is the same as that of this article on Energy Storage News.
This is the sub-heading.
The UK government has published a Technical Decision Document confirming crucial aspects of its long duration electricity storage (LDES) cap-and-floor scheme, which includes increasing the minimum duration required from six hours to eight.
These three paragraphs give more details.
The document, released by regulator Ofgem on 11 March, details the final overarching rules and requirements for the scheme as well as how it will be implemented, though significant detail still remains to be worked out.
The scheme will provide a cap-and-floor revenue protection for 20-25 years that will allow all capital costs to be recoverable, and is effectively a subsidy for LDES projects that may not be commercially viable without it. Most energy storage projects being deployed in the UK today are lithium-ion battery energy storage systems (BESS) of somewhere between 1-hour and 3-hour in duration (very occasionally higher).
One of the most significant new details of the scheme is that, following industry feedback, the minimum duration for projects to qualify has been increased from six hours to eight hours of continuous rated power.
As a control engineer, I believe this is all good stuff and is a good improvement on the previous regime.
The whole article is a must read and I believe that more investors, will invest heavily in energy storage.
But then the UK, with its massive potential for offshore wind, has the resources to create and fill many GW of energy storage.
Boris once said, that we would become the Saudi Arabia of wind!
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