UK T-1 Capacity Market battery storage contract awards up 63% to 627MW
Harmony Energy, which developed this 196MWh project in Hull, northern England, was one of the big winners in the auction with around 150MW of its battery assets awarded contracts. Image: Harmony Energy.
Battery storage projects totalling 627MW were awarded contracts in the UK’s 2023-24 Capacity Market auction which concluded yesterday (14 February), nearly a two-thirds jump on last year’s.
The T-1 2023-24 auction cleared at its second highest price ever, with 5,782.777MW procured at a clearing price of £60/kW/y, split between 269 Capacity Market Units (CMUs) from 103 companies. Of the 6,124.249MW of capacity that entered the auction, 94.42% was awarded an agreement.
Battery storage was awarded 10.9% of the total with 627MW of projects winning out of a total 1GW of projects that qualify. A total of 74 battery storage CMUs won contracts.