Will Broad

Latest data from Ofgem shows a continued increase in domestic energy debt: ➡️ New peak of £3.7bn ➡️ Second-highest in-quarter increase of £387m ➡️ Industry debt has increased for 7 consecutive quarters ~£243m per quarter ➡️ 74% (£2.8bn) total debt has no arrangement to repay in place ➡️ New peak average balance of £1,094 per customer Given the time lag in this data, this will only confirm what energy suppliers already see day-to-day but it really hits home when you start to dig in to the data and as suppliers get ready to support customers this coming winter.

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Yesterday, the UK government confirmed that the 15% surplus from the UK’s third carbon budget will not be carried forward. The UK had overachieved in delivering its legally binding emissions target by [15%] between 2018 to 2022 as part of Carbon Budget 3. Under the UK’s Climate Change Act, there was provision for this over-delivery to be rolled forward into the next period, covering the five years to 2027. The effect would be to make achieving that next budget easier, but would reduce future emission reductions and make achieving the longer term net zero goal more difficult. Yesterday's decision therefore supports strong climate action, is in line with the advice received from the Climate Change Committee and is to be welcomed. Very positive news. #energy #energytransition #decarbonisation #netzero

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Dedicated Energy Hubs Needed to Transform Scotland into Leading Hydrogen Producer   The Net Zero Technology Centre (NZTC), has today [27 June 2024] launched its ‘Energy Hubs: Fill the Backbone’ report, providing recommendations that will help scale Scotland’s hydrogen production potential and establish itself as a leading exporter of green hydrogen through the development of large-scale energy hubs. 🔽 Find more info in comments below 🔽 #EnergyHubs #Scotland #HydrogenProduction #CleanEnergy #RenewableEnergy #GreenHydrogen #OilandGas #RenewableEnergy #GreenEnergy ⤵️ Click Follow on our page to keep up to date with energy news ⤵️

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A new article by the Financial Times explains the issues amassing as part of Britain’s clean energy transition: “Sixty-three per cent of the roughly 4,000 applications submitted for wind, solar and battery projects between 2018 and 2023 have been refused, abandoned, withdrawn or had their planning permission expire, according to Cornwall Insight, an energy consultancy.  A further 18 per cent have been sent back for revision, leaving only a fifth of projects either waiting for a planning decision or ready to be built.” While renewables will play a crucial role in the fight against climate change, these problems highlight the need for energy saving alongside the clean transition. Furthermore, demand side response and time of day tariffs are best paired with granular energy data. Lesson learned? it’s not just about where your energy comes from, it’s how, when and how much you use it! https://lnkd.in/e3GxQEfe   #energytransition #cleanenergy #energymanagement #climatechange #renewableenergy

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Interconnectors, such as Viking Link in the UK, help boost energy resilience and speed up the energy transition by trading electricity with neighboring countries. Not only has the UK closed its last coal-fired plant this week, but it also expects energy demand and supply to be stable over the winter. This shows how grid technologies are key to making the energy transition a success. https://lnkd.in/eVfKmtVV

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https://lnkd.in/eFjBjPwB Energy UK - an excellent response to the latest REMA consultation for which I support the general views of EnergyUK's membership, specifically around protection needed for existing PPA deals (either via an IPP and the CfD, corporate or utility off-takers) "Energy UK members believe that full grandfathering is essential for all existing assets where investment decisions were made on the basis of national pricing and lacked certainty regarding the final REMA reform package. This includes CfDs, CM agreements, and CPPAs. The Government must promptly clarify the process of grandfathering to uphold investor confidence." The UK renewable energy market is making exceptional progress under constrains around ambiguity of future legislation and difficulties faced with grid connection queues. Great work is on-going to ensure that the UK market is equipped for a future that will be dominated by renewable energy, inherent intermittency and storage, however we need to ensure that we provide the most desirable market signals possible to ensure continued (and increased) levels of investment. Great work EnergyUK! What are your thoughts?

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While the outcome of the forthcoming #generalelection won’t be determined by #energy policy, it’s useful to know what we can expect as an industry from the parties competing to form a government. Current opinion polls show a #Labour landslide so let’s start there first. I’ve shown the top five parties as predicted by percentage of votes cast. Labour - At the heart of the labour energy #policy is the creation of Great British Energy, “a publicly-owned clean power company, to cut bills for good and boost energy security, paid for by a windfall tax on oil and gas giants.” This aspiration severely underestimates what it takes to run an energy company in terms of working capital, risk management capabilities, long term planning, and middle and back office operations. Unless they’re willing to break out of public sector pay structures they’ll find themselves in a battle to acquire the requisite talent to operate and run such a business. https://lnkd.in/eDfG_aND #Conservative - Energy doesn’t appear to be a priority for the Conservatives and as far as I can see they’re not at all clear on their energy policy, far more interested in right wing pursuits. If anything they seem to be rowing back on most #renewable and #netzero aspirations, whilst nodding at existing policy, and favouring new North Sea oil and gas. https://lnkd.in/ephGReuG #LiberalDemocrats - They rightly recognise the importance of the #climate crisis, and their policy is packed full of the right aspirations, but it seems very light on how they’ll get there. https://lnkd.in/efBAknYe #ReformUK - Reject that we can do anything about global warming and suggest we learn to live with it. The party helpfully reminds us that carbon dioxide “is essential for photosynthesis”. Scrap renewables, scrap net zero, develop new #oilandgas and new #nuclear. https://lnkd.in/eDBwZhdb #GreenParty - Arguably the most well developed and consistent policies on the climate emergency, energy and the #environment, but unfortunately unlikely to secure enough votes for any of it to see the light of day. Perhaps the most contentious point is the aspiration to phase out nuclear which all other parties see as an essential part of the journey to net zero. https://lnkd.in/eiH2kbUS #generalelection2024

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Labour's latest manifesto introduces GB Energy (page 47), a bold and transformative plan designed to revolutionise the energy sector and drive the UK towards a sustainable future. Or just a load of hot air that’s not going to drive the 4-fold increase in planned offshore wind by 2030.   While the vision is bold and inspiring, I have significant concerns about the lack of concrete details given.   1. The idea of a publicly-owned energy company sounds promising, but details on implementation, governance, and accountability are missing. How will this new entity operate within the existing energy market? 2. While the manifesto aims to provide affordable clean energy, it lacks specifics on pricing models, subsidies, or how it will compete with private energy companies. How will GB Energy ensure lower costs for consumers without compromising on service quality? 3. Enhancing energy security is crucial, but what are the strategies for maintaining consistent energy supply and resilience against global market fluctuations? 4. It talks about increasing gas fired generation for security, whilst not issuing any new licences to explore new fields and a total ban on fracking. So when its not windy or sunny we are back to competing on a global gas market. 5. Ambitious climate targets are commendable, but the manifesto doesn't outline concrete steps, milestones, or policies to achieve these goals. How does Labour plan to track and report progress on carbon emissions reductions?   While the vision behind GB Energy is undoubtedly forward-thinking, the lack of detailed planning and actionable strategies raises questions about its feasibility.   For a proposal of this magnitude, we need more than just lofty goals - we need a clear roadmap. What are your thoughts on the practicality of GB Energy?

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The ED3 consultation deadline is looming, just after New Year on the 15th January. Ofgem suggests that ED3 is the point at which a more proactive approach to the provision of new capacity will be delivered through asset investment. Ofgem’s Regional Energy Strategic Plans (RESPs) will be central to the proactive approach, and the consultation explores various regulatory models to achieve this. It feels like we’re entering a very different phase for customers. Ofgem has mandated as part of the process that Independent Stakeholders are appointed by each network company. The groups provide challenge and scrutiny as the business plans develop for the pricing period. The voice of the customer should always be central to the way policy and plans develop. Never more so, as the sector moves more swiftly from thinking to execution on net zero delivery. I’m encouraged that proper stakeholder engagement is being prioritised in the process, and am looking forward to seeing how the work of ISGs in 2025 can ensure customers are well represented in discussion and decision making. https://lnkd.in/eiUafn2j #netzero #networks #energytransition #energy

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Very pleased that we had the opportunity to contribute to this timely piece of thinking about the short term actions required to secure an accelerated energy transition - with the work of the nuclear industry to maintain current operations, life extend and build new capacity (large and small) recognised as being critical to the mission. With a focus on the 2030 energy system, the subjects of UK nuclear manufacturing, sustainable solutions to nuclear waste management and the journey towards Fusion Energy are understandably a little off topic for this specific report, but these activities are also an important part of the systems thinking required for UK nuclear.

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Earlier this week I had the pleasure of chairing the Environment Analyst webinar focused on 'Preparing the Grid for the Energy Transition'. A great discussion and a number of key takeaways: 🏡 Early engagement with stakeholders and communities is absolutely critical to the successful delivery of connecting new projects to the grid - involving those most impacted in the development and design process and building trust. 🗺 "Planning is the new frontline" - we must reform and accelerate planning process to enable delivery at pace. However we can do more with the levers currently available, and must resource planning system sufficiently. 🏗 Supply chain and people are at the heart of delivering a just energy transition - a green jobs plan can focus industry collaboration on addressing the skills gap and avoid competition for finite resources. Thank you again to all of the panellists, and of course to those who joined the event live. There is still opportunity to listen back and hear from a number of leading industry voices. #energytransition #collaboration #accelerate #planning #communities https://lnkd.in/ePg6nQ7M

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A worthy read! Economics 101, certainly as far as the energy sector is concerned it maybe worth spending some time and effort at the potential pitfalls of an overly aggressive transition. https://lnkd.in/e6B7KjSz

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UK's last remaining #coal-fired power station is set to retire this September after generating baseload electricity for 56 years. In fact, domestic coal provided the majority of fuel used to produce #electricity in the UK until 1994 before cleaner burning #naturalgas started to support continued power load growth until the early 2000s. In April 2013 a carbon tax was introduced to accelerate the decline of coal, followed by its 2016 plan to ban its use by 2025. The deadline was forwarded by a year in 2021 as the UK prepared to host the #COP26 in Glasgow.

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Informed policy and greater certainty to unlock the UK’s renewables potential is what's needed, says RSK Renewables Director, Kit Hawkins in an opinion piece to help define the actions that should be taken to release the potential of the UK renewables sector following the general election. In a piece written for 'Energy Voice', Kit states that setting challenging, ambitious targets might set the tone politically but this will not aid project delivery unless these targets are underpinned by real policy support. Full article: https://bit.ly/3yA9RXF #greenenergy #goinggreen #zerocarbon #sustainability #energyefficiency #greenbuilding #environmentalsustainability #energyefficient #netzero #letsdonetzero What are your thoughts?

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The DNV UK Energy Transition report is well worth a read. The graph below shows how far we've come to decarbonise our energy system since 1990. Yet there is so much to do, with DNV stating that: - Progress now seems to be stalling - That the country will not meet its 'net zero by 2050 policy' unless the government increases policy support to a low carbon future. - Oil and gas will still account for 35% of the UK's primary energy supply mix in 2050 with the outlook for Hydrogen being a lot less certain in the absence of a clear UK-wide strategy We need that overarching energy strategy and to rebuild momentum to deliver net zero by 2050. https://lnkd.in/eNyQja6F #netzero #DNVEnergyTransition #Energytransition

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The new Government has announced an additional £500m increase to the budget for this year's Contracts for Difference (CfD) scheme: 🙂 Sends a strong signal to investors to invest in UK renewables 🙂 More UK-based renewables = less reliance on imported fossil fuels 🙂 Promotes home-grown renewables economy, leading to greater employment opportunities for a low-carbon skilled workforce BUT 🤔 with ~540GW renewables projects in the pipeline, more than enough to meet the estimated required capacity to achieve NetZero in the power sector, we still face numerous challenges before we can feel confident in reaching our NetZero goal. Grid connection queues continue to be considered the greatest obstacle to renewables projects. 🌍 Still, my glass is always half-full and remain positive that NetZero is achievable. Recent conversations with people at the coal-face (or the solar-farm face 😉 ) of the connections dilemma, fill me with confidence that whilst the queue for connections agreements is not yet solved, those involved in finding a solution are committed to that goal. Weightmans #netzero

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Scotland’s renewable energy industry will be central to kickstarting economic growth and making Britain a clean energy superpower. Today Scottish Renewables has published 10 priorities for the UK Government’s first 100 days. Watch my quick summary in sunny Glasgow 👇

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