Energy storage delays will cost taxpayers £10bn a year, experts warn http://www.energy-broker.co.uk/energy-storage-delays-will-cost-taxpayers-10bn-a-year-experts-warn/
The Electricity Storage Network ESN has congratulated the first two winners of the £20m DECC energy storage competition, but warns Energy Bill costs will continue to spiral unless electricity storage trajectory increases.The ESN estimates that delays to install at least an additional 2 GW of electricity storage by 2020 will result in £100 million a year costs for tax payers and investors, and a loss of value rising to £10 billion a year by 2050.Anthony Price, Director of the UK’s Electricity Storage Network, said: “The Energy Bill is seeking to attract £110bn of investment to bring about a once-in-a-generation transformation of our electricity market, yet the investment in a decarbonised power grid without adequate electricity storage will result in additional costs from network fees, curtailment and system balancing of the order of £100 million a year.”According to the ESN’s electricity storage roadmap, the UK needs to install a minimum of 200MW of installed energy capacity every year between now and 2020, in order to maximise investment in new generation capacity and power grid infrastructure by 2020.Currently the UK’s installed electricity storage capacity is less than half of what is required to balance the onset of low carbon technologies onto the grid.
The Electricity Storage Network ESN has congratulated the first two winners of the £20m DECC energy storage competition, but warns Energy Bill costs will continue to spiral unless electricity storage trajectory increases.The ESN estimates that delays to install at least an additional 2 GW of electricity storage by 2020 will result in £100 million a year costs for tax payers and investors, and a loss of value rising to £10 billion a year by 2050.Anthony Price, Director of the UK’s Electricity Storage Network, said: “The Energy Bill is seeking to attract £110bn of investment to bring about a once-in-a-generation transformation of our electricity market, yet the investment in a decarbonised power grid without adequate electricity storage will result in additional costs from network fees, curtailment and system balancing of the order of £100 million a year.”According to the ESN’s electricity storage roadmap, the UK needs to install a minimum of 200MW of installed energy capacity every year between now and 2020, in order to maximise investment in new generation capacity and power grid infrastructure by 2020.Currently the UK’s installed electricity storage capacity is less than half of what is required to balance the onset of low carbon technologies onto the grid.
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