Posted on: 26/11/2024
This week's energy news headlines: A new investment fund could help accelerate investment in energy infrastructure; COP29 sees a new climate change funding deal agreed after lengthy negotiations; Businesses and homes will be able to benefit from a new-look demand flexibility service; Our industry round-up includes the latest updates from Government departments and energy regulators.
The Government has published the outcome of a consultation on postponing the launch of the Clean Heat Market Mechanism to 1 April 2025.
NESO has published details on the launch of its Quick Reserve service from 3 December following regulatory approval.
RenewableUK has published a report looking at how the planning system can help deliver the UK's low-carbon energy needs.
The Government has announced the latest projects to be awarded funding under thePublic Sector Decarbonisation Scheme.
A summary of responses has been published by the Government after a call for evidence into UK greenhouse gas emissions reporting.
A new investment fund of up to £8bn could help fast-track investment in Britain’s energy transmission network.
Ofgem is consulting on introducing an Advanced Procurement Mechanism (APM) to provide billions of pounds in allowances for transmission owners to buy essential equipment such as cables and steel years in advance of when it is needed.
The streamlined process aims to ensure green-lit projects are ready to break ground as soon as planning approval is granted, with the key construction equipment already in place.
Ofgem said as many countries were stepping up their investment in clean energy at the same time, unprecedented pressure was being placed on the supply chain as growing demand for essential materials forces up prices and lengthens delivery times.
Akshay Kaul, Director General, Infrastructure, for Ofgem, said: “These proposals balance acceleration with accountability to ensure that companies operating within Ofgem’s strict financial framework are delivering projects on time and at the best value to customers.”
Wealthier nations have pledged to increase their funding to help poorer countries combat climate change to a record $300bn a year, but the deal struck at COP29 has come under criticism from the developing world.
The agreement came after the UN climate summit in Baku had come close to collapse as negotiators struggled to make progress.
Energy Secretary Ed Miliband said although the summit had not achieved all he had hoped for, the financial package was a “critical 11th-hour deal at the 11th hour for the climate”.
“It’s a deal that will drive forward the clean energy transition which is essential for jobs and growth in Britain and for protecting us all against the worsening climate crisis.” However Greenpeace described the deal as "woefully inadequate".
A new-look version of the system operator’s Demand Flexibility Service is set to go live. The service enables households and businesses to benefit from rewards for reducing their consumption.
Changes to the scheme will now allow households and businesses to participate across the entire year, instead of being limited to just the winter months.
Over the last two years the Demand Flexibility Service has seen over 2.6 million households and businesses take part, saving over 7,000MWh of electricity.
Rebecca Beresford, Director of Markets at NESO, said: “Opening up access for consumers and businesses to participate in the electricity market year-round is a significant step in the delivery of consumer flexibility."
A Government competition aims to harness technology including AI to develop solutions to help decarbonise the grid.
The Manchester Prize offers teams of innovators, academics, start-ups and entrepreneurs funding for innovations to boost low-cost energy, reduce energy demand and make energy use more efficient.
Potential areas of focus include ways to boost the power generated by wind and solar farms, using AI to increase energy efficiency and using technology to better predict spikes in energy demand.
Minister for AI Feryal Clark said: “AI can transform our public services, make us more productive and tackle some of the biggest shared challenges in society. AI is already having a positive impact on so many aspects of our lives, but there’s much more waiting to be tapped into.”
The development of large scale hydrogen storage could reduce UK energy costs by an additional £1bn a year by 2050, according to a new report.
The research said that providing a means of storing energy over a longer period of time, and transporting energy over a greater distance, hydrogen can address the major issues with renewable generation of intermittency and curtailment.
Repurposing underground gas pipes to be used as a hydrogen transport network would create an underground ‘superhighway’ to move renewable electricity as hydrogen gas, according to the report by Centrica and FTI Consulting.
This could also reduce the volume of above ground electricity transmission infrastructure needed and significantly reduce the cost of net zero for consumers.
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