EU Energy Sector Specialist Commentary

Research evidence excerpt

EU Energy Sector Specialist Commentary

Ian Mitchell - Specialist Sales - European Energy AC (44-20) 7134-1356 Europe Specialist Sales J P M O R G A N

ian.e.mitchell@jpmorgan.com JPM | EU Utilities & Infra Daily Wire:

J.P. Morgan Securities plc UK/SSE, ANE, IBE x2, ORSTED

26 June 2026

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UK/SSE - Ofgem releases consultation on minded-to decision on the outcome of Window 1 of the LDES cap and floor

regime

- Ofgem this morning released a consultation on a minded-to decision on the outcome of the Project Assessment for Window 1 of

the Long Duration Electricity Storage (LDES) cap and floor regime. It is also consulting on the potential for a Window 2.

- The LDES cap and floor regime is intended to address well‑evidenced barriers to investment in long‑duration storage, including

uncertain and volatile market revenues, high upfront capital costs and long delivery timelines. These factors have contributed to a

lack of new LDES deployment in Great Britain in recent decades, despite increasing system need as the power system

decarbonises.

- The minded-to decision provides a reasonably evidenced pathway to delivering LDES capacity aligned with system need.

It comprises 16 projects delivering 7,645 MW, at the upper end of NESO’s advised range.

J. P. Morgan View

- SSE’s proposed 1440MW Coire Glas pumped storage hydroelectric power station in the Scottish Highlands is one of the Long

Duration Electricity Storage projects selected, amongt 15 others totaling about 7.6GW altogether.