Posted on: 28/05/2024
This week's energy news headlines: Industry leaders say the upcoming general election will be crucial in determining energy transition progress; The UK is leading the world on decarbonisation according to a new study; National Grid announces plans to spend more than £30bn on the UK’s power network. Our industry round-up includes the latest updates from Government departments and energy regulators.
The Department for Energy Security and Net Zero has launched two consultations on expanding the Emissions Trading Scheme and integrating greenhouse gas removals.
The final statement for the third carbon budget period has been published.
Ofgem has launched a consultation on establishing the Independent System Operator and Planner (ISOP) in GB industry codes.
Energy UK has published its response to the National Infrastructure Commission Consultation on the Electricity Distribution Network.
The upcoming general election is a “crucial opportunity” to accelerate renewable energy and address climate change, according to industry leaders.
The Association for Renewable Energy and Clean Technology (REA) called on all political parties to present “robust, actionable plans that will drive the UK towards a sustainable energy future”.
Rollo Maschietto, Public Affairs Manager, said: “The upcoming election is a pivotal moment for the UK. The next administration will make decisions that will determine whether we meet our net zero targets or fall short.
“The only way to ensure enduring energy security and an affordable energy system is by ending our reliance on volatile imported fossil fuels by moving to renewables and clean technologies.”
Georgia Tinson of the Association for Decentralised Energy said the next government “must ensure that smart, local and low-carbon energy is at the heart of the decision-making in their first 100 days”.
The UK’s carbon emissions have fallen by 52% since their peak in 1971, a more significant drop than any other comparable nation, according to new analysis.
Academics from Imperial College London found the reduction in emissions contrasts starkly with other major economies whose emissions are still rising and have yet to peak.
Countries including China, India, and Indonesia all still have rising emissions while their economies, which are powered by fossil fuels, rapidly grow.
European nations fill the top seven spots, with France and Germany coming 2nd and 3rd to the UK.
The findings have been released ahead of the next instalment of the quarterly Drax Electric Insights Report.
National Grid has unveiled plan to invest more than £30bn in its networks in the UK over the next five years.
The company said the spending, which is part of a £60bn total investment across its networks, would unlock economic growth and decarbonise the energy system.
To fund the investment National Grid is planning a £7bn fully underwritten rights issue.
National Grid chief executive John Pettigrew said its spending plans are nearly double the level of investment of the past five years.
He added: “Our new five-year investment plan will deliver long-term value and returns for our shareholders, support over 60,000 more jobs, and accelerate the decarbonisation of the energy system for the digital, electrified economies of the future.”
Plans have been announced to expand the UK’s Emissions Trading Scheme (ETS) to include the energy from waste and waste incineration sectors.
The ETS aims to incentivise businesses to invest in cleaner energy sources and energy efficiency by requiring them to obtain allowances for every unit of carbon they emit.
The UK ETS currently applies to the aviation, power, and industry sectors the Government has been looking at expanding it across more of the economy.
Two consultations have now been launched on expansion of the UK ETS to the energy from waste and waste incineration sector and integration of greenhouse gas removals into the scheme.
The Government has also announced that surplus greenhouse gas emissions cut over the last 5 years will not be carried forward into the next carbon budget.
New figures show UK overachieved in delivering its legally binding emissions target by 15% between 2018 to 2022 as part of Carbon Budget 3.
The UK Government has named Wylfa in Anglesey as its preferred site for a third large-scale nuclear power station.
Talks will take place with global energy firms to explore building the new power plant, which could provide enough power for the equivalent of around 6 million homes for 60 years.
The Government said the move would bring the UK closer to its ambition for up to a quarter of its projected electricity needs to come from homegrown nuclear power by 2050, to strengthen the nation’s energy independence.
Secretary of State for Energy Security and Net Zero Claire Coutinho, said: “We are powering ahead with the biggest expansion of nuclear energy in 70 years. Wylfa would not only bring clean, reliable power to millions of homes – it could create thousands of well-paid jobs and bring investment to the local area.”
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