How sustainability is shaping the energy market of tomorrow
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 EnAppSys 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 the most recent Contracts for Difference (CfD) auctions. When compared to fossil fuels such as nuclear, (Hinkley Point nuclear power station in Somerset granted a strike price of £92.50/MWh), the potential for renewables to cause disruption in the market is clear.
While currently perceived as intermittent, ongoing research and development into battery storage technologies could make renewable self-generation the stable future of the energy market. This premise presents considerable opportunity for businesses, including significant potential to offset rising energy costs and to increase both security of supply and sustainability.
As an Energy Manager, how can you plan for a low cost, low carbon energy future? What are the opportunities and benefits of doing so? 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 ahead to reap the benefits.