Monday 8 April 2024

UK’s largest battery storage fund warns of investment risk

UK’s largest battery storage fund warns of investment risk

The UK’s foremost battery storage fund has raised concerns regarding the underutilisation of battery technology within the country’s electricity system, warning of potential repercussions for investment and carbon reduction targets.

Ben Guest, Managing Director of Gresham House’s new energy division, emphasised to the Financial Times that National Grid is underutilising existing battery storage, despite its crucial contribution to decarbonisation efforts.

This underutilisation, Mr Guest noted, not only jeopardises investment in battery solutions but also hampers the UK’s commitment to achieving net zero carbon emissions by 2050.

The battery storage sector faces additional challenges, including declining power prices and heightened competition resulting from increased capacity.

These factors have impacted revenues and share prices for battery developers.

Energy Live News has contacted National Grid ESO for comment – NGESO declined to comment.

Written by

Dimitris Mavrokefalidis

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