The UK went coal free for more than 90 hours over the Easter weekend, thereby breaking the previous record set on April 2018 of 76 hours and 10 minutes. This encouraging rise of renewable energy sources such as wind and solar exposes the serious lack of storage capacity with which to control the supply from these intermittent energy sources. Energy Storage Systems (ESS) are the answer.
Ben Guest, Head of Gresham House New Energy and Manager of the Gresham House Energy Storage Fund said:
“Energy storage in the UK and globally is set to grow exponentially. The UK has fixed carbon targets driving the energy landscape towards intermittent renewables such as wind and solar. The latest BEIS forecast sees renewables at 50% of electricity generation by 2021. For this to be cost effective, ESS are essential infrastructure. Since last year’s milestone and the record set this Easter holiday we have seen more evidence of this need. For example, National Grid continues to make huge payments to curtail renewable or other generation when there is too much of it as ESS are not yet present in sufficient quantities to help. This will only get worse as penetration grows. It could be said that National Grid’s “wallet” is standing in for ESS. The Gresham House Energy Storage Fund offers attractive income and capital growth potential to investors while at the same time the chance to participate in the UK’s energy revolution.”