According to Oxford-based independent energy market analytics company Aurora Energy Research, reaching 40GW of offshore wind capacity by 2030 will require a clear government strategy, an investment of at least £50 billion ($69.34 billion) and a methodical approach for grid development and advanced infrastructure for integrating the electricity generated by offshore wind farms into the electricity grid. An investment of £160 million ($221.91 million) will also be need to upgrade the country's ports and factories to boost turbine production. (Source: Aurora Energy Research, Various Media, Power Technology, May, 2021) Contact: Aurora, Martin Anderson, Head of Renewables, +44 (0) 1865 952 700, email@example.com, www.auroraer.com
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The UK's offshore wind capacity currently stands at 10 gigawatts with
only 10 GW of new wind power facilities being contracted, leaving 20 GW still to be contracted, according to the Aurora report.
(Source: Aurora Energy Research, CityAM, Feb., 2020)
Contact: Aurora, Martin Anderson, Head of Renewables, +44 (0) 1865 952 700, firstname.lastname@example.org, www.auroraer.com
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The report presupposes capacity increases of more than 100GW of solar and wind, rising from 33GW today to more than 140GW in 2050, as well as 20GW of new nuclear and the inclusion of 3GW of carbon capture and storage (CCS) in the system.
In this scenario, there could be an 'excess' in renewable generation of 185TWh by 2050. Aurora suggests this could be used to produce hydrogen to decarbonise heating, transport or industry, however. To meet these necessary increases in storage and flexibility, Aurora has called on government, Ofgem, and the system operator to follow three principles: price the externalities, define the system needs and to let the market decide.
Aurora Energy Research is a consultancy which offers data-driven analytics on European and global energy markets to provide intelligence on the global energy transformation through forecasts, reports, forums and consultancy services.
(Source: Aroura Energy Research, Current News UK, 16 Oct., 2019) Contact: Aurora Energy Research, Ana Barillas, Principal, Richard Howard, Research Director, +44 (0) 1865 952 700,
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According to the Aurora report, the difference between maintaining and cutting the tax could equate to 12 TWh of production a year for four years after coal plants would otherwise have closed. If the government were to reduce the CPS to £7/tonne CO2 from the current £18/tonne CO2, coal plants would stay on the system until 2025, generating an average 12 TWh/year in the period 2021-25.
The report notes that if the tax was maintained at £18/tonne CO2, this would result in coal coming off the system as early as 2021/2022. Cutting the CPS to £7/tonne CO2 would increase CO2 emissions by 29 million tonnes during the fourth carbon budget period (2023-2027) compared to maintaining the status quo.
In 2017 the UK Treasury recouped £1 billion in tax receipts from the mechanism which was
capped at £18/tonne CO2 from 2016 to 2020. The freeze was extended to 2021 in the 2016 budget. (Source: Aurora Energy Research, S&P, Global, Oct., 2018) Contact: Aurora Energy Research, +44 0 1865 952 700, email@example.com, www.auroraer.com