The U.K. government should give incentives to promote methods of storing excess power from renewables and releasing it when energy demand is high, said the developer of such a technology, Highview Power Storage.

Failure to introduce incentives will deter investors and cost Britain an industry that Chancellor of the Exchequer George Osborne has said may save as much as 10 billion pounds ($15 billion) a year by 2050, Toby Peters, chief operating officer and co-founder of Highview Power Storage, said in an interview in London.

Read more