In our ninth podcast, the modelling and consultancy teams at Cornwall Insight discuss electricity storage in the GB electricity sector.
Paul Anderson, Tom Edwards and Tom Palmer explore:
- what electricity storage is
- what role it plays
- the available revenue streams
- what is next for electricity storage in the GB power market
Electricity storage systems, such as batteries, flywheels or pumped storage, allow you to capture electricity when it is readily available and save it until a time when it is useful to the system or end-user. Electricity storage is increasingly important to manage system stability with the growth of intermittent renewable generation and the closure of traditional thermal power stations. In addition, storage can be used to manage network constraints and avoid charges for end-users. The business case for storage projects is dependent on revenue stacking (multiple revenues in a given period) and jumping (moving between different market) in the GB electricity market. However, the market has been evolving in GB with changes in network charging, access to markets, new forms of competition and a shift in the cost of deployment.
Our experts discuss where electricity storage can meet the requirements of a changing system. Additionally, they explore what challenges face these nascent and established technologies and how future markets can evolve to encourage deployment of electricity storage technologies.
Below is a 90-second extract from our full podcast on storage in the GB electricity sector.
Cornwall Insight’s consultancy team has supported investors, developers, car manufacturers, suppliers, as well as flexibility providers. We have helped assess the business case, modelling, due diligence, strategy, policy and regulatory risks to their development. Our consultancy capabilities lie across the group, covering GB, Ireland, Europe and Australia. For example, our projects include:
- Non-resources project finance due diligence for Zenobe’s battery portfolio
- Support Foresight in the acquisition of two Enhanced Frequency Response assets
- Provided data sets to Anesco on co-location of battery storage
- Assessment of domestic storage in GB as well as international markets
- Developed the business model for second life car batteries
- Support projects for pre-qualification in the Capacity Market
- Provide forecasts of GB power prices, capacity market, network charges, Frequency Response and Balancing Mechanism
- Modelling EV as well as storage co-location
If any of our projects are of interest to you, please contact Tom on t.palmer@cornwall-insight.com for more information. You can also view our consultancy capabilities here.
