EIG backs battery energy storage venture

Hello and welcome to our daily digest of business, financial and economic news from around Scotland.

1. The Institutional investor EIG has launched a battery energy storage venture in Scotland.

Fidra Energy will have its headquarters in Edinburgh and operate across Europe.

It hopes to be running at least 10GW of battery storage in the UK and other European markets by the end of the decade.

So far it has three active projects in development across England that will deliver more than 3GW of capacity.

Chris Elder, Fidra chief executive, said: “Battery storage is a proven, cost-effective and flexible technology that will be critical for Europe’s energy transition.”

Retail sales have remained fairly stagnant

ANDREW MILLIGAN/PA

2. Scottish retail sales dropped by 0.5 per cent in September, according to industry research.