U.K. on Cusp of Battery Boom to Boost Renewable Power Supply
(Bloomberg) -- Developers of batteries in the U.K. have projects on the go that would increase the country’s capacity more than 14 times what it is today.
Batteries are crucial to complement renewable power by storing electricity from wind and solar farms. As the U.K. works to quadruple its offshore wind farm capacity this decade, the growing portfolio of battery projects will help keep the country’s lights on without burning fossil fuels, even when the sun isn’t shining or the wind isn’t blowing.
There are 16.1 gigawatts of battery storage projects either operating or in various stages of development, according to industry group RenewableUK. That’s up from 10.5 gigawatts at the end of 2019.
Much of that total is projects in the development stage. There are only 1.1 gigawatts of operational batteries currently, the group said.
Investors are eager to put money into the technology. Last year, the London-listed Gresham House Energy Storage Fund Plc that focuses on the sector raised over 120 million pounds ($164 million) to help the company grow its portfolio of British batteries.
A recent regulatory shift has also made it easier for developers to get approval for large-scale projects, the industry group said.
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