A new platform aims to bring the UK’s energy industry together and improve the transition to a low cost and low carbon system.
Led by Carbon Trust, the Energy Systems Innovation Platform’s (ESIP) partners will collaboratively develop solutions to barriers currently deterring investment in flexibility solutions, such as energy storage.
These partners include Centrica, DONG Energy, SSE, ScottishPower, Statoil and Wood Group – companies that together represent almost half of the electricity supply market in the UK.
The firms will explore and aim to solve issues in areas such as regulation, lack of transparency in decision making and the long term business models necessary to encourage the right investments now to potentially save billions of pounds a year for consumers by 2030.
Andrew Lever, Director of Innovation at the Carbon Trust, said: “There is now general consensus that the UK energy markets needs to be revamped so we can embrace a flexible and more decentralised energy system.
“There is an urgent need for an open forum where the wider industry can collaborate to solve common issues in order to capitalise on recent storage innovation. ESIP fills that gap.”
The Carbon Trust says the UK could save up to £2.4 billion annually by 2030 if flexibility solutions were better implemented to balance the grid, improve the utilisation of renewable energy assets and reduce the need for costly grid reinforcements.