Storelectric blog

Storelectric blog

Letter of Support from PwC

Building the businessPosted by Mark Howitt Mon, February 24, 2014 08:26
Pricewaterhouse Coopers have put their heads above the parapet and written a powerful letter of support, for which we thank them.

The market: This letter outlines the current threats to national security of supply, to the profitability of generators and to consumer / retail electricity prices from the current situation of the increasing amount and intermittency of renewable generation and the tiny amount of storage we have. Due to climate change, abandoning renewable power is unthinkable: the solution is that "continued investment in renewable energy should be matched by storage capacity in the hundreds or thousands of gigawatt-hours".

Storelectric's proposal: PwC then say that our "innovative" proposal "seems to us to minimise technical risk while trying to maximise efficiency and reliability. This approach seems a prudent one ... whose simplicity is clearly scaleable both in the UK and internationally." Not only does it solve the industry's problems, but "it has the potential to re-balance the UK energy economy".

EEF application: PwC wrote this letter in time to support our Energy Entrepreneurs Fund application, which would provide £800k public funding for the initial stages, to be matched with only £150k. We won't know the results until May, though.

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