The new energy storage battery facility project will be financed by Gwent pensioners. The planned facility will be located on the site of the decommissioned Uskmouth B power station near Gwent Wetlands on the outskirts of Newport. The project was approved by the city planning committee in January of this year.
The batteries will store excess energy during periods of “peak supply” and release this energy back into the grid during times of higher demand. The entire project will be sponsored by the Greater Gwent Pension Fund, which manages the pensions of over 65,000 members from the councils of Blaenau Gwent, Caerphilly, Monmouthshire, Newport, Torfaen, and 52 other active employers in the Gwent region. The fund will invest in this project as part of its new strategy to invest in productive assets in the UK.
Nathan Yeowell, councilor for Torfaen and chairman of the Greater Gwent Pension Fund, explained that these investments will support the growth of the UK economy and long-term economic, environmental, and social priorities. The fund also has a new investment policy that focuses on projects related to achieving a zero-carbon balance and other areas that bring long-term social and economic benefits.
The investment in Uskmouth amounts to £50 million and is part of the Quinbrook Infrastructure Partners’ QRIF fund, which supports the energy storage battery project. Additionally, the fund is also investing in the Rassau Synchronous Condenser in Blaenau Gwent, which aims to support the stability of the national grid and has already employed 300 people on the project site.
Nathan Yeowell emphasized that the fund aims to manage the assets in the best interest of its members. The priority is to ensure a solid return on investment so that retirees can lead a safe and comfortable life in retirement.
Frequently Asked Questions:
1. What will be the purpose of the new energy storage battery facility project?
The new energy storage battery facility project will involve storing excess energy during periods of “peak supply” and releasing it back into the grid during times of higher demand.
2. Who will finance this project?
The project will be financed by the Greater Gwent Pension Fund, which manages the pensions of over 65,000 members from the councils of Blaenau Gwent, Caerphilly, Monmouthshire, Newport, Torfaen, and 52 other active employers in the Gwent region.
3. What is the value of the investment?
The investment in the energy storage battery facility in Uskmouth amounts to £50 million.
4. What are the goals of the investment fund?
The fund aims to manage the assets in the best interest of its members, ensure a solid return on investment, and support the growth of the UK economy. The priority is to enable retirees to lead a safe and comfortable life in retirement.
Definitions:
-Gwent pensioners – retirees from the Gwent region
-Uskmouth B – decommissioned Uskmouth B power station
-Gwent Wetlands – Gwent Wetlands area
-Newport – city of Newport
-city planning committee – committee for city planning
-excess energy – surplus energy
-demand – the need or desire for energy
-sponsored – financially supported
-pension fund – a fund that provides pensions to its members
-councils – local governing bodies
-productive assets – assets that generate income or value
-Nathan Yeowell – councilor for Torfaen and chairman of the Greater Gwent Pension Fund
The source of the article is from the blog krama.net