In light of the UK’s insistent pursuit of shale gas extraction and a questionable lack of funding for renewable energy funding, it’s welcoming to hear some good news come from energy minister Greg Barker. Today, he announced that two leading energy storage companies had been given a grant of £8 million as part of the DECC’s innovation competition to further research and development in the field. So how the companies plan on using the funding?
Viridor Waste Management and Highview Power Storage are going to use the grant to develop an efficient technology to store air in a liquid format which can then be used to supply electricty when there is unusually high demand. This innovation will be connected permanently to the National Grid and used to investigate the balance between supply and demand using stored energy.
Instustry experts have praised the move, claiming that energy storage is going to become all important as the UK takes important steps to becoming a low carbon economy. Greg Barker commented that it could also save the energy system up to £4 billion by 2050 if successful. Both companies have praised the the Department of Energy and Climate Change, commenting that the funding is a fantastic opportunity to commence work on an innovative, homegrown technology which could really make a difference the to the future of the UK’s renewable energy efforts. Depleting national resources have not been too much of a concern for the UK recently as the dash for gas continues. The rest of the EU and its renewable energy objectives seem to have taken a backseat to gas and appeasing the the current energy market by lowering green levies. Just recently, the Treasury came under fire for not using revenue from carbon taxes to invest in energy saving infrastructures in poorer homes, as was agreed with the EU when the taxes were created.
Energy storage is an enormous step in the right direction for the UK’s energy future, and will offer more opportunity to store surplus energy whcih can be used during periods of high demand. Currently, the UK does not have anywhere near the recommended ‘backup’ capacity and some have warned that we could be facing an energy supply crisis within the next decade unless the situation is remedied. Currently, energy is generated more or less as required with no contingency in place should things go wrong. Even though our current energy networks are designed to cope the highest of demands, it’s reassuring to know that energy storage is being seriously considered and pursued as a safety net to what could be a huge energy crash in the coming years.