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RWE Letter of Support for UKEn Hydrogen Storage
RWE Letter of Support for UKEn Hydrogen Storage.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n\nUK Oil & Gas PLC\n(\"UKOG\" or the \"Company\")\nRWE Letter of Support for UKEn Hydrogen Storage\nUK Oil & Gas PLC (London AIM: UKOG) is delighted to announce that its strategic Dorset and Yorkshire underground hydrogen storage projects have received a further key letter of support (\"LOS\") from RWE, a leading global energy company and one of the largest renewable and conventional UK electricity generators, supplying around 15% of UK power demand. RWE is also a major player in the UK green hydrogen space, a sector with key synergies to UKEn's storage projects.\n \nRWE's planned green hydrogen plants within the Solent Cluster, Didcot and Teesside, are both in geographic and planned pipeline proximity to UKEn's storage projects and present the opportunity to store hydrogen created from excess renewable power for future conversion to power during periods when the wind doesn't blow, the sun doesn't shine, or there are unforeseen power demand spikes.\n \nThe Company's storage projects are operated by its wholly owned subsidiary UK Energy Storage (\"UKEn\").\n \nMr Jeremy Smith, RWE UK's Head of Hydrogen Business Development commented in the LOS:\n \n\"We see the operation of UKEn's hydrogen storage projects as being potentially beneficial to RWE for the following reasons:\n \n· It will enable us to offer firm hydrogen supply contracts and to manage production outages;\n· It will allow us to optimise electricity cost and electrolyser operating regime in response to renewable generation capacity and wholesale market price signals;\n· It will enable the efficient sizing of our optimised production facility to most efficiently meet our expected offtaker demand;\n· It will help to smooth our hydrogen production profile with the store acting as a buffer.\n \nIn support of this proposal, we have committed to working with UKEn to ensure that the design and delivery of the storage facility meets the needs of RWE and other potential industry users.\"\n \n\"We are giving permission for you (UKEn) to reference RWE as a \"supporting party\" in discussions with government and your proposed submission for revenue support via hydrogen storage allocation rounds.\"\n \nThe RWE LOS along with similar LOS from major Japanese ...