Renewables can limit the impact of surging global commodity prices. After Ofgem hiked the price cap on energy bills in response to rising wholesale gas costs, SSE’s director of corporate affairs, Sam Peacock, argues that the best protection against volatile global commodity markets is more domestic renewable generation. Delivering renewables on the scale required, as well as integrating millions of electric cars and heat pumps, will require big investments in electricity networks to ensure they can facilitate this transformation. The good news is the latest proposals from network operators would see costs on household bills kept flat. And businesses like ours are continuing to innovate, investing in new technology like carbon capture, long duration storage, floating wind, not to mention embracing digitisation across the energy industry. The pace of change in the next decade will continue as we extend the use of low-carbon electricity across the economy. If we do it right, this transition will minimise the cost to bill payers.
Utility Week 6th Aug 2021 read more »