Energy storage crucial for a low carbon energy system, says Renewable Energy Association

Energy storage could help lower energy costs, ensure security of supply and increase penetration of variable renewable generation, according to a new report by KPMG for the REA. Recent substatial reductions in the cost of energy storage mean that large grid-scale projects are already financial viable in certain circumstances, and payback time for grid-scale battery storage could be as little as six years.

The report said that the areas to change for effective energy storage development were:

  • High-profile Government support to provide investor confidence
  • Improved access to finance
  • A shift in mindset from Government and more internal DECC resourcing
  • Market education and information
  • Developing the case for joint renewable energy / storage deployment
  • An agreed ‘definition’ for energy storage
  • The development of technical standards for installing and using energy storage technologies

The REA’s Chief Executive Nina Skorupska said: “2016 is going to be the breakthrough year for energy storage and the growth of decentralised energy. The industry must draw a line under the turbulence of the past year and look to the future. This report shows that storage is already upon us and whilst traditional fuels like nuclear and gas are needing increasing help from the government, the cost of renewable technologies are coming down and many companies are looking forward to the post-subsidy business model.”

“We are not asking government for subsidies, what we need is a stable policy environment that has been so lacking in the past year, coupled with a common sense approach to regulation and the ability to fully participate in the electricity market.”

To read the full report, click here: Energy Storage in the UK: An Overview

From the New Power archive: Time for the new government to make the UK a world leader in energy storage

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