Category: General

UK Energy Market Summary to Friday 25th October 2024

Global wind-powered electricity generation could reach a new high in 2024 as winter winds boost output across most of the world’s wind farms, potentially setting a record share of global electricity production.

While wind generation rose by only 7% in the first nine months of 2024 compared to 2023, historical trends suggest a late-year surge due to higher winter wind speeds, particularly in the northern hemisphere where over 90% of wind farms are located. If this occurs, wind power could surpass 10% of global monthly electricity output for the first time in November and December.

Following a consultation, the UK government will implement changes to the Contracts for Difference (CfD) scheme ahead of Allocation Round 7, including allowing repowered onshore wind projects to participate.

In its consultation response on Friday, the government also announced plans to extend the phased CfD policy, currently available to fixed-bottom offshore wind projects, to floating offshore wind.

UK Energy Market Summary to Friday 18th October 2024

The world is falling behind in its efforts to triple renewable energy capacity by 2030, and investments will need to triple as well, rising from $570 billion in 2023 to $1.5 trillion annually from 2024 to 2030, according to a new report from the International Renewable Energy Agency (IRENA).

Despite notable progress in renewable energy installations, the current growth rate is insufficient to meet targets, IRENA stated. Based on current national plans, only half of the necessary increase in renewable capacity will be achieved by 2030, the agency warned.

Countries are expected to submit updated Nationally Determined Contributions (NDCs) by February 2025, with some revealing new goals as early as next month during the COP29 climate summit in Azerbaijan.

UK Energy Market Summary to Friday 11th October 2024

When discussing utility savings electricity and gas tend to naturally take priority for most businesses as these costs are significantly higher than water. However, with a very simple and time effective water management strategy businesses can realise very quick and tangible savings.

The water market in England and Scotland is now de-regulated, businesses located in these areas can now look to make savings through both reduced consumption and lower water rates.

The European Union and China will continue to seek alternative ways to resolve the ongoing trade dispute, which has created divisions among EU member states.

On October 4, the European Commission announced that its proposal to impose permanent tariffs on Chinese-made electric vehicles had secured the required backing from member states. In its statement, the Commission emphasised that it would also maintain parallel negotiations with China “to explore an alternative solution that is fully compatible with WTO rules, effectively addresses the harmful subsidies identified in the Commission’s investigation, and can be monitored and enforced.”

The hydrogen economy, once hailed as a cornerstone of future energy systems, is facing mounting challenges as “realism” sets in, dampening the enthusiasm that had grown over the past few years. Frederik Beelitz, principal at Aurora, highlighted these challenges during the firm’s hydrogen conference in London.

After an initial surge in electrolyser capacity, rising from 1 GW in 2018 to 11 GW in 2021, progress has slowed considerably, with only 4 GW added in 2024 so far. This slowdown reflects growing concerns over costs for developers and investors, leading many to question whether the hydrogen economy will materialise as once anticipated.