The lone king of oil is betting on the batteries for the green world

In an interview with Tlanepantla on May 17, 2017, Alex Tim, of Glencor Oil Company, Mexico, Mexico. REUTERS / Ginnette Riquelme / File Photo

  • Beard fund to invest in UK battery storage
  • Batteries can relieve shocks and help power the business
  • England is facing a power crisis

London, September 30 (Reuters) – Alex Beard is losing his thirst for oil.

One of the world’s most powerful oil traders, the former GLEN.L CEO is raising money to build a portfolio of strategic battery stations throughout the UK to support the renewable energy industry.

A.D. In his first interview since his release in 2019, billionaire Ardr plans to build at least 500 megawatts of storage capacity to power homes when his Adaptop Capital Investment Fund’s grid supplies are reduced.

At the Glencor Festival, the Beard Group traded 7% of the world’s oil. The shift to infrastructure to support renewables is another sign that the wind is blowing for the world’s energy industry.

I have a second job in the energy markets. It will not be oil and gas, but it will be a major source of carbon for the next 25 years. In London.

Adaptop Capital’s fundraising comes at a time when the UK’s energy industry has been one of the worst in decades. Absolutely low gas supplies have pushed up prices when global wind and nuclear power failures.

“The current crisis will give you a taste because we have more and more time,” said the 54-year-old. Beard.

As economies move away from fossil fuels, energy networks are becoming more important and governments and companies are looking to strengthen their ability to overcome the supply and price fluctuations of networks from China to California last year.

Renewable energy supplies, such as wind and solar, can vary greatly depending on the weather and the ends and pools do not match demand, so battery storage has long been seen as a way to help pillow shake.

‘Flexibility Box’

The UK currently has 1.1 GW of storage capacity. An additional 15 GW capacity is under construction or planned, with most companies also investing in renewable energy.

Beard said the apoptotic 500 megawatt storage uses lithium-ion battery technology. According to Reuters, it will be enough to provide about 750,000 homes in the UK.

The National Grid estimates that the country will need more than 40 GW of storage capacity by 2050, given the country’s rapid decommissioning.

“The world has learned how to build renewable energy at a high level and now we need to build enough storage to accelerate that transition to pure zero,” he said.

He also said that renewable energy companies have a long way to go to fully understand and integrate trade and price fluctuations – the kind of catastrophe that destroyed nine energy suppliers in Britain this month as wholesale and gas prices soared.

He said renewable energy companies are currently operating under government-sanctioned contracts and are not at risk of land prices, which has made them more competitive with fossil fuels.

But as renewables grow and government subsidies run out, he says, the green energy industry will have a deeper learning curve on how to better cover inflation.

“Batteries can also be seen as a dynamic business box for the green energy industry and an important asset to increase wind and solar power,” he said.

Supply and demand battery response takes milliseconds and can be applied by algorithm software to use energy market variability in contrast to analog guidelines to increase production on traditional fossil fuels.

Beard, which accounts for about 2% of Glennor’s current value of $ 1.2 billion, also co-sponsored ENTPA.AS, a special purpose acquisition company (SPAC) in Amsterdam.

When the blank check company went public in July, it raised 5 175 million ($ 205 million) and set goals for the renewable, electric vehicles and storage sectors.

Oil and gas will continue to play a key role in the world’s energy supply, but renewables will grow rapidly and hundreds of billions of dollars will be spent on carbon offsets in the coming years.

($ 1 = 1,1714 euros)

Report by Dmitry Zdandanikov; Edited by David Clark

Our Standards – Thomson Reuters Principles.

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