Policy Exchange - Powering Net Zero
8 Dec 2020 10:13 AM
Why local electricity pricing holds the key to a Net Zero energy system.
The UK Government’s commitment to quadruple offshore wind capacity by 2030 will transform Great Britain’s electricity system. However, it poses serious challenges for the electricity market. Market conditions during the summer lockdown showed that the Government needs to make reforms, otherwise costs will rise and customers won’t benefit from the falling cost of wind and solar.
Here Policy Exchange sets out how ‘local electricity pricing’ holds the key to integrating further offshore wind, which will be crucial to keep costs down as the UK heads for Net Zero. The report also recommends changes to support schemes for renewables and energy security measures.