On Tuesday 9 January, the UK Government announced that it has issued a consultation on policy framework designed to enable investment in long duration electricity storage (LDES). The government states that evidence suggests LDES faces investment challenges under current energy market frameworks, leading to it struggling to deploy at scale. Consequently, the consultation sets out the government’s intention to develop a cap and floor mechanism to overcome the identified investment barriers. It is seeking views on the eligibility criteria for assessing applications, the design of the cap and floor mechanism, and proposed options for delivering the scheme. The consultation is open to anyone to respond but will specifically be of interest to long duration storage project developers, investors, electricity suppliers, network operators, relevant technology companies, consumer groups, and other stakeholders. Views are requested by 5 March 2024.
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