New report finds investing in pumped hydro storage could save up to £690m a year on pathway to net-zero
New report released today (Feb 18) by independent researchers at Imperial College London has found that just 4.5GW of new long duration pumped hydro storage with 90GWh of storage could save up to £690m per year in energy system costs by 2050.
Responding, Cara Dalziel, Policy Manager at Scottish Renewables, said:
"Cost-effective electricity storage, at the correct scale, has the potential to neutralise one of the most popular criticisms of renewables: that they're not generating when the sun isn't shining or the wind isn't blowing.
"This report is a welcome analysis of the benefits of pumped storage hydropower – a technology which already allows us to store enormous amounts of renewable electricity and has the potential to do so much more.
"We already know the importance of storage technologies like pumped storage hydro in maintaining the resilience and stability of the electricity grid, but today’s publication clearly demonstrates the cost benefits of developing new pumped storage hydro in Scotland, with the potential to save up to £690 million per year in energy system costs by 2050.
"While the UK Government’s energy white paper identified the need for long-duration power storage, current market mechanisms are not suitable for supporting new investment and the UK Government now needs to address these barriers in order to meet our climate targets and deliver economic benefit across the UK."
Ends
Notes:
- The Whole-System Value of Long-Duration Energy Storage in a Net-Zero Emission GB Energy System report was commissioned by SSE Renewables via independent researchers from Imperial College London.
- A press release from SSE Renewables is available on its website.
- Photos of Cara Dalziel are available here.