BESS Battery Storage

BESS Secures Project Finance to Build 100MW of Battery Storage

Battery Energy Storage Solutions (BESS) has secured project finance of £28.5 million from Santander, to help build a total of 100MW of grid scale battery storage by the end of 2018. Of this, 49MW of battery storage will be deployed to the National Grid by the end of January. BESS is a developer, operator, and owner of a range of battery storage assets in the UK. The company has five operational sites and a large pipeline of projects currently in development. (more…)

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Government Launches Independent Energy Review

The government has launched an independent energy review to assess how the cost of electricity can be kept as low as possible, while also ensuring the UK meets its climate targets. The review is to be led by Professor Dieter Helm CBE, who said: “My review will be independent and sort out the facts from the myths about the cost of energy and make recommendations about how to more effectively achieve the overall objectives.” The Oxford professor is to be supported by an expert panel made up of green technology experts and representatives of the industrial sector. They will consider the key factors that are impacting energy bills, in the knowledge that the government’s ambition is for the UK to have the lowest energy costs in Europe. At present, the escalating cost of environmental support schemes and network charges are resulting in rising energy bills for consumers. (more…)

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New Addition to Macron’s Cabinet Indicates Support for Renewables

A celebrity environmental campaigner, Nicolas Hulot, has been appointed as minister for energy and the environment in President Macron’s first cabinet. This unexpected step took the market by surprise last week, with EDF shares losing 7% on the announcement.France derives 75% of its electricity from 58 nuclear reactors, which are operated by EDF. While Hulot is known to be a pragmatist and to have good connections with the business community, he is a strong advocate for renewable generation and sustainability. In his new role, which Hulot said was “a new opportunity for action which I cannot ignore”, he hopes to encourage a move towards sustainable energy by transforming the tax system. Earlier this year France set its long-term climate action plan with a target of a 40% reduction in emissions by 2030 and a 75% reduction by 2050, both compared to a 1990 baseline. However, focus has been given to transport and the buildings sector because high levels of nuclear and hydro generation mean that energy only contributes to 12% of all greenhouse gases in France. (more…)

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