UK wholesale power prices dipped into negative pricing for more than six hours yesterday following an “unprecedented turn of events” in the country’s supply and demand profile.
The UK is at growing risk of missing legally binding climate targets after the pace of decarbonisation slowed last year, new analysis has concluded.
Renewables are on course to overtake fossil fuels and become Britain’s ‘dominant force’ of power during 2020.
Renewables provided almost one-third of the UK’s total power output in Q3 2018, a record high for that period of the year, boosted by the summer’s heatwave and high wind speeds.
Energy storage, electric vehicles, demand response and interconnectors will be needed to provide the flexibility required for the energy transition to take hold by reducing the need for fossil-fuelled backup.
The UK has reached a “major milestone” in its decarbonisation of the power sector, having witnessed renewables capacity exceed that of fossil fuel generation.
Norwegian energy giant Statkraft has made a major play for the UK and Ireland wind sector by acquiring the development business of Element Power Group.
New records for renewables generation were set in the UK throughout the second quarter of the year, with coal power also falling to historic lows.
Norwegian state-owned power firm Statkraft has outlined plans to invest nearly £1 billion a year over the next six years in a bid to deploy multiple gigawatts of renewable power.