Energy storage could save £2.4 billion a year system wide by 2030; if regulatory hurdles are overcome this could rise to £7 billion a year.
This report outlines significant cost savings for the UK electricity system, should the potential for energy storage be realised. The impact of which could deliver savings of up to £50 a year on an average consumer energy bill through a system wide saving of up to £2.4bn a year by 2030.
The report was collaboratively funded by three major utilities, E.ON, SSE and Scottish Power, as well as the UK Department of Energy and Climate Change (DECC) and the Scottish Government. The analysis, carried out over 12 months by the Carbon Trust and Imperial College London, is the most comprehensive review to date of the benefits of storage at a UK- system level. By reviewing the societal case for storage at a system wide level the report highlights the significant savings that could be made for consumers by deploying storage. It then explores two specific example applications of distributed storage to highlight a series of core barriers to deployment that have created a market failure, and makes recommendations on how to overcome these barriers to create a level playing field for storage.