'Super batteries': Ofgem unveils 'cap and floor' investment scheme for Long Duration Electricity Storage

clock • 4 min read
Drax's Cruachan 'hollow mountain' pumped hydro storage | Credit: Drax
Image:

Drax's Cruachan 'hollow mountain' pumped hydro storage | Credit: Drax

UK energy regulator claims scheme can help remove barriers for scaling large LDES 'super battery' projects, which are increasingly seen as crucial for delivering a clean power system by 2030

Ofgem has announced plans for a new 'cap and floor' investment support scheme designed to unlock billions of pounds in funding for a fleet of the UK's first major Long Duration Energy Storage (LDES) projects...

To continue reading this article...

Join BusinessGreen

In just a few clicks you can start your free BusinessGreen Lite membership for 12 months, providing you access to:

  • Three complimentary articles per month covering the latest real-time news, analysis, and opinion from Europe’s leading source of information on the Green economy and business
  • Receive important and breaking news stories via our daily news alert
  • Our weekly newsletter with the best of the week’s green business news and analysis

Join now

 

Already a BusinessGreen member?

Login

Author spotlight

Amber Rolt

View profile
More from Amber Rolt

'Electric Thames': UK Power Networks launches project to electrify vessels on the River Thames

Study: Regenerative agriculture pilot delivers financial and environmental gains

More on Investment

Financial firms join UK taskforce to help unlock climate investment in developing economies
Investment

Financial firms join UK taskforce to help unlock climate investment in developing economies

UK government's Emerging Markets and Developing Economies (EMDE) Investor Taskforce highlights potential for tenfold returns from backing climate adaptation and mitigation projects

Michael Holder and Patrick Brusnahan
clock 20 May 2025 • 2 min read
Marisa Drew: 'A great deal of power lies in the consumer wallet'
Investment

Marisa Drew: 'A great deal of power lies in the consumer wallet'

Standard Chartered's chief sustainability officer reflects on her move into sustainability from investment banking, how 'big ideas' are coming from unexpected places, and the co-benefits of electric driving

Stuart Stone
Stuart Stone
clock 20 May 2025 • 9 min read
Sustainable Ventures' Andrew Wordsworth: 'Collaboration between diverse stakeholders is key'
Investment

Sustainable Ventures' Andrew Wordsworth: 'Collaboration between diverse stakeholders is key'

Sustainable Ventures co-founder reflects on building one of Europe's leading climate tech clusters, helping its companies collectively raise over £1.1bn and create 7,000 green jobs.

BusinessGreen staff
BusinessGreen staff
clock 15 May 2025 • 6 min read