Our current portfolio Phase 1 comprises a pipeline of well over 300MW of ready-to-build assets. We have a further 1.5GW+ of identified projects and this is expected to grow substantially through active portfolio development and acquisitions.
Battery storage will play a critical role in balancing the UK grid. Batteries are charged by purchasing at times of low pricing or indeed negative pricing and then usually discharging at times of peak demand. Moreover, batteries provide very valuable grid balancing services, to ensure the smooth operations of the UK grid. The UK grid is projected to need up to 40GW of battery storage by 2030 and currently has 1GW as at Q1 2021.
Gas peaking plants
There will be occasions when solar and wind do not generate enough power and batteries cannot provide the continuity and longevity of power. This is why gas peaking will continue to play an important role in the form of small and locally deployed and fast-response power plants. In addition, small gas peakers can provide power on the low voltage network, freeing up the super congested high voltage network.
In the medium term, gas peaking plants will evolve to run on a mixture of natural gas and hydrogen, and eventually only hydrogen, further reducing their carbon emissions.
We expect our portfolio to be fully compliant under the EU Sustainable Finance Taxonomy.