National Grid highlights ‘crucial’ role for gas in energy mix

National Grid highlights ‘crucial’ role for gas in energy mix

Clear guidance on the direction of UK Government policy is needed if gas is to continue to play its “crucial role for many decades to come”, according to a new report by National Grid.

The grid operator highlighted gas’s role in making heating, industry and transport greener.

But the report noted how the UK reliance on gas is at odds with ministers’ Clean Growth Strategy.

Some 80% of homes in the UK currently use gas for heating, while gas was burned to generate 42% of the country’s...

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New record set for wind generation

Wind energy set a new record set last Saturday, generating 14.3 gigawatts of electricity for the first time – supplying more than a third of Britain’s power needs.

National Grid said overall wind provided 35.7% of electricity while gas produced 20.3%, nuclear supplied 17.6%, coal 12.9% and imports 6%.

RenewableUK’s Executive Director Emma Pinchbeck said: “Yet again, wind is playing a key role in keeping Britain going during a cold spell. When the mini Beast from the East struck on Saturday,...

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Energy storage investment fund to raise £100m on stock market

An investment fund that specialises in energy storage aims to rise £100 million by floating on the stock market in London.
Gore Street Energy Storage Fund will be the first of its kind in the UK.

Chairman Patrick Cox said: “Given the increasing penetration of renewable power in international energy consumption and the ongoing move away from fossil fuel generation, we believe that investment in energy storage projects will deliver strong returns.

“Our first-mover advantage in the UK energy...

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Green Investment Bank sale criticised by MPs

The Public Accounts Committee (PAC) has concluded that the Green Investment Bank (GIB) failed to live up to its original aims and now may never fulfil its objectives following its sale to Macquarie.

MPs said the Department for Business, Energy & Industrial Strategy (BEIS) does not know whether GIB achieved its intended objectives of encouraging investment in the green economy and creating an institution that lasts.

Ministers were accused of selling the bank to reduce the public debt,...

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UK CO2 emissions fall to lowest since 1890

Analysis of official data has found that the UK’s carbon dioxide (CO2) emissions have fallen to their lowest since 1890.

The Carbon Brief website also calculated that the UK’s emissions are now 38% below 1990s levels.

Figures from the Department for Business, Energy & Industrial Strategy (BEIS) showed a 2.6% fall in 2017, on the back of a 5.8% decrease in 2016.

Coal use fell by 19% in 2017 on the back of a 52% drop in 2016.

Cuts to coal

Carbon Brief said: “Coal use in the UK had been...

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Solar/wind energy storage market set for rapid growth

A new report has predicted that the global hybrid solar-wind energy storage market will be worth $1.5 billion (£1.1bn) by 2024.
The report highlighted how the UK Government’s Clean Growth Strategy will provide a boost to the energy storage market.

“Developers across the country are working aggressively towards CUF (capacity utilisation factor) enhancement of their existing renewable systems, which in turn will positively impact the business outlook,” the report said.

It also noted the work...

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Sector Round up 20/03/18

UK urged to set 5GW floating wind goal

The Friends of Floating Offshore Wind group has called on the UK Government to set a target of sourcing 5GW of power from floating wind farms by 2030.

In its report – entitled “The Future’s Floating” – the group of 10 companies said an intermediate step of 1GW should be set for 2025.

Chairman Chris McConville said: “The technology ticks all the boxes of the UK’s Industrial Strategy and aligns with the vision for a transformed economy.”

> Find out...

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Ofgem proposes lower network returns

The energy regulator has unveiled proposals to cut the rate of return that network company shareholders will receive on their investments.

Ofgem said is approach under the next price controls approach will be tougher, requiring lower costs and better service quality from network companies.

It will also be designed to allow the companies to support the UK’s transition to a low carbon economy.

The regulator also said its “Revenue=Incentives+Innovation+Outputs 2” (RIIO-2) regulations would save ...

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RE100 firms to spend $94bn on renewable energy by 2030

Companies that have signed up to the RE100 scheme will need to spend $94 billion (£68bn) on buying renewable energy by 2030 to meet their commitments, according to a new report.

Bloomberg New Energy Finance (BNEF) said that, to maintain their commitment to buying 100% renewables, the businesses could trigger an additional 87GW of solar and wind capacity being added to the global grid.

Since launching in 2014, 125 companies from 20 countries have signed up to the RE100 movement.

Together, the ...

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MPs ask pension funds about climate change risk

Mary Creagh, Chair of the House of Commons’ Environmental Audit Committee, has written to the UK’s 25 largest pension funds to find out how they manage the risks that climate change poses to savings.

The letter forms part of the committee’s inquiry into green finance.

Civil servants are concerned that pension funds are misinterpreting their “fiduciary” duty to their members as meaning they need to maximise short-term returns instead of considering longer-term implications, such as climate...

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