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UK could create 72TWh of excess nuclear & renewable energy by 2030: LCP

UK could create 72TWh of excess nuclear & renewable energy by 2030: LCP
Research from investment firm LCP asserted that the United Kingdom is expected to create 72TWh of excess nuclear and renewable energy by 2030 if the country meets its expanded targets.

For this research, the company studied the generation targets defined in the British Energy Security Strategy along with expected demands. It found that almost 53% of the hours in a year, the UK grid could create an overabundance of nuclear and renewable power. Comparatively, it is expected that this year will create an oversupply of only 6%.

The security strategy defined a new goal of around 24GW nuclear power by 2050 and 50GW of offshore wind by the end of 2030. It further outlined that solar energy could grow five folds by 2035.

Chris Matson, Partner at LCP expressed that the energy plan garnered attention due to its laudable and aspiring energy generation goals. But a keener look reveals the steep challenge of developing a decarbonized energy mix that delivers consumer value and assures supply security.

Matson believes that wasting this energy generation would harm investors as well as consumers. Therefore, a systemic approach is necessary for minimizing the cost of achieving net zero.

By the end of this decade, it is now expected to produce almost 25% of the existing demand. Around 50GW of flexibility from the demand side for technologies like electrolyzers, batteries, and interconnectors will be necessary to use all the excess energy.

In addition, a rapid increase in demand-side flexibility would curb the grid balance cost, restrain falling revenues for renewable generators, and assist consumers in recognizing the broader benefits of renewable energy.

Apart from needing demand-side flexibility assets, LCP predicted that 45GW of additional capacity will be required to assure the security of energy during instances of low renewable output.

Source credits: https://www.current-news.co.uk/news/new-targets-could-create-72twh-of-excess-renewable-and-nuclear-energy-by-2030-says-lcp

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ahadmin has been a part of the content industry for close to two years. Having previously worked as a voice over artist and sportswriter, he now focuses on writing articles for alpenhornnews.com, across a slew of topics, ranging from technology to trade and finance. With a business-oriented educational background, Sunil brings forth the expertise of deep-dive research and a strategic approach in his write ups.