According to the latest market insight, transitioning to a low-carbon economy is happening faster than many of us may think. In fact, data from EnApps Sys identifies that electricity generated from renewables will dwarf electricity generated from fossil fuels by 2020 (121TWh compared to 106TWh), while statistics from Energy Innovation highlight that renewables are already considerably cheaper.
Offshore wind, for example, secured a strike price as little as £57.50/MWh for delivery in 2022/23 in recent Contracts for Difference (CfD) auctions. When compared to fossil fuels such as nuclear (Hinkley Point nuclear plant granted a strike price of £92.50/MWh), its disruptive potential is clear.
While currently perceived as intermittent, ongoing R&D into battery storage technologies could make renewable self-generation the stable future of the energy market. This premise presents considerable opportunity for business customers, who have significant potential to offset rising energy costs and increase both security of supply and sustainability.
But as an energy manager, how can you plan for a low-cost, low-carbon energy future? What are the opportunities and benefits of doing do? What changes do you need to adopt today, and which developments do you need to keep an eye out for?
In this podcast, we discuss the changing face of the energy market, the influential role of sustainability and how you can plan to reap the benefits with some of the industry’s leading names.
Audrey Gallacher, head of policy for Energy UK, and Richard Jones, Strategic Manager for Generation Sales, npower Business Solutions, spoke to Julie-Anna Needham.