As the G7 meet draws to a close in France, the UK has unveiled battery investment plans totalling £1.3bn. In a statement, the government says projects are aimed at investing in homegrown power and protecting the UK’s energy security.
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“The government is determined to accelerate the shift to homegrown power, reducing reliance on international fossil fuel markets and helping deliver more stable, affordable energy for families and businesses over the long term”, the statement reads.
Pointing to the broader geopolitical context, Prime Minister Keir Starmer added, “The world is more dangerous than it has been for a generation, with conflict abroad washing up on our shores”.
A bulk of the allocation (£1bn) comes from French infrastructure investor InfraVia. The company will invest in a portfolio of battery storage and flexible projects. The government’s statement notes InfraVia’s projects are expected to contribute to price stability during periods of high demand.
In April, InfraVia launched Supernova Power – a UK focused flexible power platform. “We believe the launch of Supernova Power is the kind of investment the UK needs as it moves towards a more electrified, digital and low-carbon economy”, says the company’s chief executive Vincent Levita.
Levita says the investment is a ‘vote of confidence’ in the UK’s infrastructure market.
In addition, India’s Atri Energy Transition will invest £300m in large scale battery storage projects in the UK. Here too, the government’s framing focuses on its contribution to energy security.
Energy security was also a key theme for the G7 leaders’ statement. The joint statement highlighted energy resilience while committing to ‘accelerate the diversification of energy supply routes’. The statement, which does not cite fossil fuel dependence explicitly, welcomed Canada’s potential to ‘deliver significant additional capacity to global markets in coming years’.
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