UK energy trade bodies urge calm after “Brexit”
Britain’s vote to leave the European Union has sent a shockwave through global markets today, with many business leaders calling on the government to take immediate action to shore up the country’s economy.
However, reaction from leaders in the energy sector has largely been measured — reassuring customers that utilities will remain reliable while the precise terms of the UK’s exit are negotiated.
Energy UK, the country’s energy industry trade association, urged calm among the public:
"The important message today is people need not worry, the lights will stay on and power and gas will continue to flow to homes and businesses. Energy UK’s members will work to ensure energy remains cost-effective and reliable for customers in the UK."
Last week, a report released by the Energy Institute revealed that a large majority of its 400 survey participants believed that Brexit would have a negative impact on the UK energy system. Four times as many respondents predicted negative outcomes as positive ones in the event of a ‘leave’ vote.
Oil and Gas UK, the offshore oil and gas industry association recommends that the government swiftly clarifies the exit process.
"We hope that all those involved will now come together and work constructively to make this transition as smooth as possible and we ask that the UK Government clearly outlines the process which will follow to minimise any potential period of uncertainty.
"The UK oil and gas industry is at a critical juncture and we need to ensure the UK Continental Shelf continues to attract investment and be seen as a great place to do business."
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.