UK government approves investment scheme for pumped storage hydropower, offering cap-and-floor revenue model for clean energy storage expansion.
The UK government has approved a new investment scheme to promote pumped storage hydropower, enhancing clean energy storage capabilities. The plan aims to attract private investment by offering a "cap-and-floor" revenue model, ensuring developers a minimum income while limiting profit. The initiative seeks to significantly expand long-duration energy storage to support renewable energy, reduce reliance on gas, and help achieve net-zero emissions by 2050. Applications will open in 2025.
October 10, 2024
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