New Round of UK Capacity Auction Increases Battery Storage Contracts by 60%
- The UK's T-1 Capacity Auction recently concluded with 627.4 MW of battery energy storage projects receiving contracts. This represents an increase of more than 60% compared to the previous round, and is a major milestone for the country's sustainable energy efforts.
The UK's T-1 Capacity Auction concluded on February 14, with 627.4 MW of battery energy storage projects securing contracts. This was an increase of more than 60% compared to the previous round, and came from a total of 5,782 MW of capacity procured from the target of 5,800 MW. Onshore and offshore wind projects together secured 65 MW. The projects were cleared at a price of GBP 60 (USD 72.25/EUR 67.56) per kW a year, lower than in the T-1 capacity auction held in 2022.
Why does it matter?
This is a major milestone for the UK's sustainable energy efforts, as it represents a significant increase in battery storage capacity. This increase is likely to be beneficial for the country in many ways, including providing clean, reliable, and affordable energy to consumers. Additionally, it is expected to increase competition in the energy market, leading to better prices and increased investment in renewable energy sources.
The UK has set ambitious targets for renewable energy, including a goal to reach net-zero emissions by 2050. To achieve this, the country will need to continue to invest in renewable energy sources and battery storage capacity. Additionally, the government will need to develop policies that incentivize the development and deployment of renewable energy sources, and ensure that the energy market remains competitive.
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