UK government awards funding to longer-duration energy storage tech projects
A recent report by energy industry consultancy Aurora Energy Research found that by 2035, the UK could need up to 24GW of energy storage systems with a duration of four hours or more to achieve a net-zero energy system. This would enable the integration of variable renewable energy generation and reduce household energy bills by £1.13 billion per year in 2035. It could also reduce the country's reliance on natural gas by 50TWh per year and lead to a 10MtCO2 reduction in emissions.
In the US, the Department of Energy is hosting the Energy Storage Grand Challenge, a policy-driven effort to reduce costs and accelerate the adoption of energy storage, including similar competitive financing opportunities for long-term technologies and projects. Its goals include reducing the cost of long-term energy storage by 90% by 2030.
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