Global energy demand to rise 30% by 2040

The International Energy Agency’s (IEA’s) latest World Energy Outlook report predicts that global energy demand will jump by 30% by 2040.

The figure could have been twice as high if it weren’t for energy efficiency improvements, the agency added.

Solar will become the cheapest way of generating energy thanks to falling costs, the report predicted.

Other forecasts include wind becoming the biggest source of power in Europe after 2030.

Solar shines in China and India

Fatih Birol, the IEA’s...

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Flexibility challenge from renewables growth highlighted

A new study has highlighted how connecting more variable renewables to the power system will increase volatility.

Renewables will account for more than half of electricity generation in both the UK and Germany by the mid-2020s, the report said, with the cost of solar and wind expected to halve from present levels by 2040.

Despite a “significant increase” in the amount of variable renewables on the system, the total back-up capacity needed by 2040 in the UK and Germany will be much the same as ...

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Ofgem rejects £120m rebate request from generators

The energy regulator has turned down a bid by power generators to claim a £120 million rebate from consumers.

Generators had claimed that their network charges during the 2015-16 financial year had breached a €2.50/MWh cap set under European Union (EU) regulations.

SSE filed a notice called “CMP 261” on 8 March, which sought to change the rules and allow generators to recover £120m via network charges.
But Ofgem has now rejected the plea.

Offshore wind farm costs

The regulator said: “Ofgem...

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Carbon emissions on rise again

Researchers from the University of East Anglia (UEA) and the Global Carbon Project have found that global carbon dioxide emissions (CO2) are rising again in 2017 following three years of “little or no growth”.

The data dashed hopes that CO2 emissions would begin to fall after three years of stability.

A 2% rise in the burning of fossil fuels is predicted, with China’s emissions rising by 3.5%.

Emissions from the European Union are expected to dip by 0.2%, while the United States is predicted ...

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Hermes highlights investment opportunities from Paris Agreement

Investment manager Hermes has published a report highlighting the opportunities presented by the Paris Agreement.

The paper said that investors will focus on decarbonising their own portfolios once they have a better understanding of the risks to current business models that the transition to a low-carbon economy will produce and the opportunities it will create.

Saker Nusseibeh, Chief Executive at Hermes Investment Management, said:

“It will be easier to attract mainstream investors by...

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Sector Round Up - 21/11/2017

Kellogg’s targets 100% renewables

The UK arm of cereal maker Kellogg’s has joined its American parent company in joining RE100, a group of companies that have committed to using only electricity generated from renewable energy.

The company has pledged to source 100% of its electricity from renewable sources by 2050.

The firm’s UK head office in Manchester last year became its first to use only renewables.

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10MW battery storage project connected

Eelpower has unveiled a ...

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100% renewable powered world now in reach

Generating all the world’s power from renewable sources is already a “tangible reality” and not simply a “long-term vision”, according to a new report.

The study, undertaken by university researchers in Finland and the and the Energy Watch Group (EWG), said that the global electricity system can run using renewables and storage during every hour throughout the year.

The report, which was launched at the United Nations’ COP23 climate change conference in Germany, said that switching to...

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Industry reacts to SSE and npower merger plans

Plans to merge the retail arms of SSE and npower have raised questions among industry experts.

The £11 billion company, in which SSE shareholders would own around two-thirds of the shares, would have 11.5 million customers and would be listed on the London stock market.

If the deal receives backing from shareholders then it would be completed in late 2018 or early 2019.

Alistair Phillips-Davies, Chief Executive of SSE, said:

“The scale of change in the energy market means we believe a...

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Global clean energy transition initiative launched

The International Energy Agency (IEA) has launched a Clean Energy Transitions Programme to help cut carbon dioxide emissions and increase access to electricity.

Thirteen countries have donated €30 million (£26.5m) to the fund, including £8m from the UK.

The cash will go to countries and regions in which it can have the highest impact.

Contenders for funding include Brazil, China, India, Indonesia, Mexico and South Africa.

Benefits all round

“The IEA’s member countries will benefit from...

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Businesses urged to have say on energy cost review

Business & Energy Secretary Greg Clark has launched a consultation on the findings of Professor Dieter Helm’s “Cost of Energy Review”.

Clark has called on businesses, industry and consumer groups to have their say about the report.

He said: “I commissioned this review to start a debate about the future of our energy markets.

“Now, I am opening up that debate, asking everyone with an interest to give us their views on Professor Helm’s ideas for bringing down the cost of energy for...

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