UK Unveils Investment Support for Renewable Energy Storage

The UK on Thursday announced a new support scheme for renewable energy storage projects, which will offer developers of long-duration energy storage (LDES) facilities a guaranteed minimum income. The UK government expects to open to applicants next year the first round of the scheme under the so-called ‘cap and floor’ model, which would provide a guaranteed minimum income for developers, in return for a limit on revenues. Energy regulator Ofgem has agreed to act as regulator and delivery body, the government said. Currently, Great Britain…