If the UK meets its expanded renewable and nuclear targets, the country will have an oversupply of electricity more than half of the time by 2030, creating significant opportunities for flexible demand.
Secretary of state for business, energy and industrial strategy (BEIS) Kwasi Kwarteng has called on North Sea oil and gas producers to invest in “the clean energy technologies of the future".
Octopus Energy Generation has made a multi-million pound investment in Lincs wind farm, marking its first acquisition in the operational large offshore wind space.
While the British Energy Security Strategy included ambitious targets, it was missing policy on demand side reduction, support for customers, onshore wind and energy efficiency.
The government’s British Energy Security Strategy has been met with criticism from the energy sector, having been described as a “missed opportunity.”
Key steps to enable the UK to end its dependence on gas for electricity within five years are being proposed to the government by RenewableUK.
Centrica Business Solutions has acquired a 30MW fully consented battery energy storage project, which will help manage North Sea offshore wind farms.
Wind farms are expected to pay back £660 million under the Contracts for Difference (CfD) scheme amid the current energy crisis.
The Labour Party has unveiled a five point plan to increase energy security in light of the energy crisis.