UK needs to invest in energy supply

24th August 2016 | Commercial Energy

According to analysis by Barclays Research, the UK needs to invest in energy supply to replace ageing assets and decarbonise – the amount suggested is an eye-watering £215bn to be invested by 2030.

The current policy portfolio will be insufficient to meet the target of reducing emissions. As the country undergoes an “energy revolution” about £95bn will be needed to spend on disruptive technologies such as renewables, battery storage and distributed generations.

The report says that the UK faces the obsolescence of about 40% of its current aged (combined cycle gas turbine) fleet by around 2020 and approximately 70% of all reliable generation capacity by 2030.

In addition to losing 15GW of coal capacity by 2025 due to pledged phase out, the UK is expected to lose 7.7GW of the current 8.9GW of operational nuclear capacity, 22GW of gas generation capacity (13GW of it by 2020) and 2.3GW of biomass conversion capacity, due to the ending of government subsidies in 2027.

More information available on the website below–215bn-in-energy-by-2030–Barclays/