The annual cost of the UK’s net-zero transition could be billions of pounds cheaper if policymakers and the public and private sectors collaborate to scale up battery storage, hydrogen and other flexible energy innovations. That is according to a new in-depth report from the Carbon Trust, out today (18 May). The report outlines how the nation’s electricity demand could treble by 2050, against a 2019 baseline, as sectors including transport and heating become increasingly electrified – and how the costs associated with this shift can be minimised. According to the report, “embedding” flexibility across power, heat and transport will be necessary to reduce the cost of the low-carbon transition – and will reduce operational costs as well as upfront costs. If properly embedded and scaled, flexible technologies including batteries and low-carbon peaking plants could cut up to £16.7bn off of annual bills by 2050.
Edie 18th May 2021 read more »