For September’s news, we’ve pulled together a Storelectric update for you. An update on locations, the UK’s energy landscape, media presence, awards and our upcoming conference appearances.
Update on Locations Offers
Previously we informed you that we are in discussions with at least eight location owners in the UK alone. We have now put in three non-binding offers for sites with underground storage that are appropriate for hydrogen and CAES. A fourth site was also visited, and other discussions are ongoing.
We are also going to a conference of the Solution Mining Research Institute. Here we’ll meet cavern owners and developers, and discuss cavern conversion issues.
UK Energy Landscape Update
Government intervention in rising energy prices
In relation to the government’s interventions, there is indeed urgent need to help people with rising energy prices. But current actions suspending green levies are not the answer: doing so disincentives the energy transition. Energy caps don’t incentivise reduction in demand. Taxes help those who can afford to pay taxes, not those who can’t. These measures are hard to reverse when we need to pay down the fast-growing national debt. Better to provide direct support for needy people and businesses, unrelated to demand – which incentivises reduction in consumption. The Energy Supply Task Force needs to consider strategic developments, not just responding to urgent need.
Energy should be remunerated for its value, not just its size. Being baseload or dispatchable is worth more than intermittent as it doesn’t additionally require balancing. Duration is valuable in itself: the longer the duration, the greater its value, especially for storage. Being synchronous is more valuable than asynchronous as it also provides grid stability, reliability, resilience, power quality, restoration etc. All energy should be remunerated for its full value, not just its MW capacity.
Energy security requires UK-based renewables and large-scale long-duration storage to meet the country’s current and future demand and supply margin.
BEIS Consultation on Hydrogen Transport and Storage
BEIS is consulting on hydrogen transportation and storage at infrastructure scale. It is at this scale that Storelectric’s CAES and hydrogen technologies come together to provide optimised, integrated solutions. Mark’s views are in this month’s blog, below.
Review of Electricity Market Arrangements (REMA)
The government is undertaking a Review of Electricity Market Arrangements (REMA). This is in an attempt to fit the market towards a Net Zero grid. While this is a positive step, it only addresses energy which is a quarter of the problem. Non-energy services are another quarter, and network is half. And it needs its vision extending from a dozen years to 30-50. Find our response here.
A review of the electricity system since EMR (Electricity Market Reform) shows that, as compared with other European systems, the UK has dropped:
- From the continent’s second cheapest electricity system to one of its most expensive;
- From the most reliable to one averaging black-outs or near misses more frequently than every couple of months;
- From one of the most self-sufficient to one depending on imports for actual demand as well as supply margins. Current forecasts are for 10-hour Loss of Load Expectation next winter;
- From one with a self-sustaining asset base to one whose asset base ages almost a year annually. Capacity is reducing as plants get so old as no longer to be maintainable.
Storelectric Media Presence Update
Tallat Interviews
A further Storelectric update is Tallat’s appearance TRT. Tallat gave an interview about the current energy crisis, highlighting the strategic lessons and actions needed He discussed emphasised that we must redouble our development of renewables and long-duration storage.
He interviewed again for a rapid reaction to the Prime Minister’s initial energy announcement to Parliament. His view was that the announcement addresses the immediate challenge, giving us time to tackle strategic issues. Stating, “we need to get to energy independence as soon as we can.”
Mark Interviews
Another Storelectric update is Mark’s interview in the Leaders Council podcast. Here he discussed the energy transition, the current energy crisis and how Storelectric addresses these needs. They have also created a profile page. Further, on 22nd September Mark presented to the World Energy Storage Day, run by Indian Energy Storage Alliance.
Mark will be a keynote speaker at Solar and Storage Live, 20th October in Birmingham NEC.
He will then be speaking at the virtual 1Sustainability conference on the Technical Challenges of the Energy Transition.
Awards update
A very exciting Storelectric update….we have been awarded two prizes by Corp Today Magazine!
- 2022 Best Renewable Energy Storage Solutions Provider – UK
- 2022 Best Compressed Air Energy Storage Specialists
