The UK’s energy security downgrade by the World Energy Council (WEC) has highlighted the need for far greater adoption of efficiency measures and reduced energy wastage, the Renewable Energy Association has warned.
Today the WEC downgraded the UK from a top ranking ‘AAA’ to ‘AAB’. The council has attributed this downgrade to a fall in energy equity, or security of supply, noting that the country faces “significant challenges” in securing its energy supply over the coming years.
Cuts to renewables and clean energy support frameworks were noted by the council, particularly the Green Deal. The scheme was cut earlier this year without a ready replacement, and yesterday energy secretary Amber Rudd revealed a new scheme would not be ready until later this year or early next.
The WEC report states that the problems the UK faced with implementing the Green Deal illustrated wider policy problems across the board and suggested that greater policy consistency was required to secure investment.
“If the UK is to remain ahead of the pack, and regain its ‘triple A’ positioning, the government must give more predictability to investors in the way the electricity market reforms are progressed. More transparency is needed about the future approach to contracts for difference and the levy control framework,” Joan MacNaughton, executive chair of the World Energy Trilemma study, said.
MacNaughton’s comments were echoed by REA policy analyst Mike Sommerfeld, who said that the “concerning” downgrade highlighted the need for energy efficiency measures to be more widely adopted.
“Less wasted energy would help mitigate rising energy costs and the impacts they have on fuel poverty, with lower demand leading to lower prices and less dirty fuel having to be burnt.
“The responsibility to act rests with the government. Data released this month by the ECIU and ComRes indicate that 79% of the British public support subsidies that improve energy efficiency through the insulation of homes. Despite this, there is presently a severe lack of national policies to encourage greater energy efficiency,” Sommerfeld added.
