Octopus Energy and RES will invest £3bn to build new hydrogen plants across the UK by 2030. Its goal is to make the UK more energy-independent.
The new plants will maximize electrons when they’ve generated abundantly on sunny and windy days by storing them in green hydrogen.
The two companies believe that hydrogen power will grow in the long term to protect the industry against volatile gas prices, which caused two additional energy firms to stop trading this week.
Rachel Ruffle, EMEA CEO of RES, believes that hydrogen can be a reliable supplemental energy source to solar and wind.
Rachel Ruffle, EMEA CEO of RES,
We know that renewable-based electrification using solar and wind is the fastest way for us to decarbonise.
It is the best choice for industries and other hard-to-abate sectors when it is combined with the production of green hydrogen. Industrial users will be able to switch to green hydrogen at a cost-effective and reliable rate through our partnership.
Alex Brierley, Octopus Renewables’ co-head, said:
The supply and success of many industries to meet the UK’s net-zero goals will be crucial to their success.
“With this partnership, we are providing a solution to those businesses to help them achieve the government’s ambitions.”
This announcement comes after the government released its hydrogen strategy in August. It calls for low-carbon hydrogen production. The plan will be increased over the next decade to achieve net-zero emissions.
It is also in the lead-up to COP26, which will be held in Glasgow this month.
Alok Sharma, minister in the cabinet office, has recently reiterated the government’s commitment towards limiting global temperature increases to 1.5 degrees, in accordance with the Paris Climate Change Agreement.
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Octopus Energy and RES pledge £3bn for new UK hydrogen plants, October 14, 2021
