Britain is requiring a new creation of a market in which electricity storage will not only store energy but more importantly profit as well rather than adding more costs to electric consumers if it is to effectively integrate renewable sources into the power grid according to the S&C Electric Company.
The agreement came following a group of multilevel firms including several leaders in wind turbine manufacturers namely; Vestas and Gamesa which gave their comments earlier this week that they are planning to temporarily stop in investing in green energy measures should there be not enough support for renewable energy plans in the fast approaching overhaul of the UK’s electricity market.
According to the Managing Director for Europe, Middle East and Africa of the US based S&C Electrics, there is currently no credit of more than one revenue tributary-power on/off, therefore there will have to be some market changes in order to contain advancement in technologies such as a highly efficient method to store electricity without sacrificing good return in investment. Although in reality at present, Storage investments aren’t a recognised asset building plan as there was not an existing one at present.
S&C Electrics have integrated electrical storage units into their grid utilities and several other large-scale power consumers. Renewable power sources such as solar and wind can be intermittently used and that storage power capacity requires 10-15 per cent of currently mounted renewable power capacity in order to stabilise the current power grid.
The present government has recently inaugurated a wide-reaching Electricity Market Reform Bill (EMR) which was designed to encourage the 110 billion pound investment it requires to create a low-carbon electrical generation system such as wind and solar farms in the hopes of soon replacing ageing dirty power plants.
The support is anticipated to come through on what is called Contracts for Difference (CFDs) which amounts to a long-term price contract for the electricity it would require in the future despite the government’s indifference in the actual worth of contract implementation.
Furthermore the company is recently in sync and working harmoniously with the Department for Energy and Climate Change (DECC) should ever the CFDs can be used to assist in paying for electrical storage resolutions. However, if support is not approaching S&C will otherwise reorganise its UK operations and will be focusing on other up-and-coming markets such as in the Middle East and Africa. Finally, should the UK government embarrassingly fail in its efforts; there are also several key markets out there that have a better probability of doing well.