Electricity Networks & Storage
By 2050, the deployment of renewable electricity generation, electric heat pumps, electric vehicles, and micro-generation is likely to increase substantially, placing significant new stresses on the UK’s ageing electricity transmission and distribution networks. Advanced electricity networks and storage (EN&S) technologies have the potential to meet these new stresses placed on the electricity system more cost-effectively than would be possible through traditional methods of grid reinforcement and fossil-fuel-powered system balancing capacity. Moreover, deployment of some key low carbon technologies is critically dependent on innovation in EN&S technologies.
Innovation in EN&S technologies could save the UK £4-19 billion in deployment costs to 2050, with significant possible additional value offered by enabling the deployment of other key technologies. Innovation can also help create UK-based business opportunities that could contribute an estimated £6-34 billion to GDP to 2050. Significant private sector investment in innovation, catalysed by carefully targeted public sector support to overcome barriers and market failures, can deliver the bulk of these benefits while demonstrating strong value for money.