Downloads / UK

Financing the UK Power Sector: is the Money Available?

 Dr Rob Gross, Imperial College, London Dr William Blyth, Imperial College The electricity sector needs to renew its ageing generation fleet, and shift towards capital-intensive low-carbon forms of generation. Over the past few years, various organisations and commentators have suggested that the sector may be unable to deliver, questioning whether there will be a sufficient flow of money into the sector to finance these investments. This report examines the evidence for these claims, looking at three key issues: ·     The size of the gap between required and current levels of investment, ·     The ability of energy companies to scale up their capital expenditures, ·     The ability of financial institutions to provide the necessary funds, and the mechanisms by which they might do so. Estimates of the size of the investment challenge range from the DECC / OFGEM figure of £110bn by 2020 to between £200bn to over 300bn by 2030 from organisations such as National Grid, the Committee on Climate Change and London School of Economics. These scenarios are assessed on a like-for-like annualised basis to understand the reasons for Read more…

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Blyth-Financing-the-UK-Power-Sector-BIEE.pdf 1.25 MB
18th
Sep
2014

Keeping the Lights On

Ian Marchant. In his former role as CEO of SSE, Ian Marchant was outspoken about the risk of the UK’s  ”lights going out” unless further action was taken over the generation and supply of power.  In March 2013 he  warned that the government was seriously underestimating the “capacity crunch” currently facing the country.  “The government is significantly underestimating the scale of the capacity crunch facing the UK in the next three years and there is a very real risk of the lights going out as a result.” He added the government could reduce this risk significantly by taking further action to provide a greater clarity on its various electricity market reforms and also by bringing forward capacity payments for existing plants from 2018 to 2014. In this presentation Ian discussed  how the UK can keep the lights on and on issues and challenges facing the energy sector. “Our modern way of life is almost completely dependent on the provision of reliable and affordable energy and as a result rarely a day goes past without the energy industry making headlines. I Read more…

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Keeping-the-Lights-on-Ian-Marchant-May22nd.pdf 1.45 MB
22nd
May
2014

Reducing the UK Carbon Footprint

Kavita Srinivasan . The CCC Secretariat . Whilst UK greenhouse gas emissions measured on a production basis have been falling, there is clear evidence that the UK’s carbon footprint (consumption emissions: production emissions netting off emissions embedded in exports but adding in emissions embedded in imports) are higher and have been rising. Towards the end of 2012,  the Government asked the UK Committee on Climate Change to consider the role of consumption-based emissions in future policy making. This follows on from a report by the Energy and Climate Change Select Committee, which set out consumption-based emissions have increased and recommended that DECC should explore options for incorporating consumption-based emissions data into the policy-making process. This presentation summarises the CCC’s analysis and policy conclusions.  

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Reducing-UK-Carbon-Footprint-CCC.pdf 1.13 MB
10th
May
2013

The Economic Case for Action against Climate Change

Prof Sam Fankhauser , from the Grantham Research Institute at the LSE , discussed  the  economic considerations and the policy case for action on emissions. Conventional cost benefit analysis (CBA) had been successful in exposing the sensitivity of policy questions to a range of specifics, such as the discount rate, but thinking was moving towards insurance principle, or“rational risk management”. Climate policy was not per se a major issue for public finance, nor need it inhibit “Green growth”. Recession was no reason to delay the low-carbon transition, but it had undermined the price signals intended by the EU ETS.  UK/EU leadership on climate issues was “at risk”, and we should look outside at countries like China where the dynamics of policy was changing rapidly.

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The-Economic-Case.pdf 540.17 KB
20th
Feb
2013

Winter Gas Outlook

Peter Parsons, Forecasting Manager National Grid provides a detailed overview in respect to gas, covering: fuel prices; relative power economics; demand; demand forecasts; peak demand; supply forecasts from UKCS, interconnectors and LNG; and storage capacity for winter 2012/2013. In respect of the outlook for gas,  forward winter fuel prices strongly favour coal burn over gas: weather corrected gas demand forecast to be lower than last winter; the forecast non storage supplies are slightly lower than last winter; LNG uncertainty given increased global demand and Japanese power mix; in 2012/13 storage deliverability should be  higher than previous winter, and  should increase further within winter when new facilities are commissioned. For electricity,  the outlook suggest that average cold spell demand forecast 0.9 GW higher than last winter; notified and assumed generation availability has increased by approximately 1 GW from last winter; demand and full interconnector exports are expected to be met in 1 in 20 conditions.

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UK-Winter-Outlook-National-Grid-2012.pdf 832.23 KB
12th
Oct
2012

What’s the future role of photovoltaics in the UK energy mix? A discussion of recent market and policy developments

Dr Chiara Candelise, Imperial College The introduction of the Feed in Tariff (FIT) scheme has spurred photovoltaic (PV) sector in the UK, leading to a relatively unexpected increase in installed capacity since its implementation in April 2010.  By the end of 2011 PV installations reached about 750MW from about 40MW at the beginning of 2010. Such market growth has definitely been policy driven, but has also been helped by the dramatic price drop experienced by global PV module prices in the last two years. Indeed, module price drops and increased installation rate have led the UK Department of Energy and Climate Change (DECC) to undergo a controversial review of the FIT scheme, implying a substantial cut in the tariffs to support PV deployment. On the other hand, these recent developments have allowed the UK PV industry to grow and the achievement of considerable cost reductions in UK PV system costs (including balance of system costs). Medium-long term expectations on PV technologies also seem to have increased, as shown by a target of 20GW installed PV capacity by 2020 recently suggested Read more…

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20th
Sep
2012

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