UK Energy Security Undermined by Lack of Energy Storage Capabilities
Failure to store renewable energy fuels UK’s dependence on gas and wastes the power of half a million homes per day
UK has wasted over 1,300 GWh of wind since the start of the energy crisis in September 2021 due to an inability to store excess generation – enough to power 500,000 homes a day.
A new survey from YouGov, commissioned by Highview Power, reveals that 43% of UK adults think the UK imports too much gas, rising to 54% among Conservative voters at the 2019 General Election.
Long-duration energy storage (LDES) would reduce UK’s gas usage by 10 megatonnes in 2035 and save the grid around £2 billion a year, passing on savings of up to £50 a year.
LONDON–(BUSINESS WIRE)–#CRYOplatform–New analysis commissioned by Highview Power1, the leading developer of long-duration energy storage (LDES), reveals that an acute lack of long-duration energy storage capabilities is undermining the UK’s ability to reduce its dependence on gas and achieve long-term energy security.
Since the energy crisis began in September 2021, the UK has wasted over 1,300 GWh of wind power – enough free renewable energy to power 500,000 homes a day. As a result, the UK spends more money turning off wind farms and using gas as a backup, at a cost of over £390 million since September 20212.
A new survey conducted by YouGov3 for Highview Power reveals that 43% of UK adults think the UK imports too much gas, rising to 54% among 2019 Conservative voters. Figures from the Office for National Statistics reveal the UK imported nearly £20 billion of gas in 2021, a 312% increase on 2020s £4.8billion3.
The same survey also reveals that a majority (81%) would support investment from the UK Government in energy storage. Our analysis, released today, indicates that long-duration energy storage (LDES) would reduce National Grid costs by up to £2 billion, passing on energy bill savings of up to £50 per household a year, and powering up to 4 million homes with renewable energy when it is needed. This would reduce the UK’s reliance on gas by 10 megatonnes in 2035 – the equivalent of removing gas from 4 million homes.
Rupert Pearce, CEO of Highview Power, said: “Our analysis shows that LDES is a critical component of the UK’s energy security and self-sufficiency. The YouGov findings show that a majority of voters support Government investment in LDES, which would underpin an efficient transition to renewables, reducing our dependency on gas. Simply put, there is no transition to net zero without LDES.”
Notes to editors
Analysis conducted by the consultancy Stonehaven. Estimates on the number of homes powered by grid-scale storage assumes all are at full storage capacity. Average household gas or electricity use is from Ofgem. Grid-scale estimates come from a 2022 Aurora study conducted on behalf of a range of public and private sector clients interested in the role of LDES. Wasted wind estimates are based on data on balancing markets bid volumes, published by Elexon, the not-for-profit entity who manage the GB electricity Balancing and Settlement code. We then apply Ofgem’s historic gas price data to estimate the cost of importing gas required to replace wind.
At least £150 million in constraint payments and £240 million in additional electricity demand.
Office of National Statistics update June 2022: https://www.ons.gov.uk/economy/nationalaccounts/balanceofpayments/articles/trendsinukimportsandexportsoffuels/2022-06-29
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1,818 adults. Fieldwork was undertaken between 19th – 20th July 2022. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).
About Highview Power
Highview Power is the leading provider of long-duration energy storage able to be deployed at grid-scale today. Its technology enables the delivery of 24/7 renewable energy and cost-effective grid stabilisation. This will reduce dependence on gas, stabilise energy costs and deliver energy security.
For more information, please visit http://www.highviewpower.com.
Contacts
Daniel Howell
highview@stonehaven.uk.com+44 07972 254 979
Wendy Prabhu, Mercom Communications
Highviewpower@MercomCapital.com
UK: +44.203.617.1930
US: +1.512.215.4452
