Energy news round-up: National Grid's profit warnings, offshore wind wins out against nuclear, and more

All the latest news from the energy sector this week

latest energy news
(Image credit: Pexels)

National Grid launches profits warning to investors, offshore wind to beat new nuclear on cost - potentially keeping green energy supplier costs down, and the CCC issues a new climate change report - we're bringing you all the latest energy news you need to know about this week. Plus, find out more about EDF Renewables' plan to collaborate with Octo Energy on solar and storage. 

National Grid issues a profits warning leading to nervousness among investors 

The imposition of the COVID-19 lockdown has had a severe impact on the financial health of British utilities due to temporary business shutdowns and the restricted use of public transport. Due to these virus impacts in the US and UK, the National Grid has warned that its profits will be reduced by £400 million.

Investors are now starting to question whether financing utilities is such a good idea at the present time, according to This Is Money - which is advising potential investors which utility companies may still be worth investing in and which are best to avoid.

It's impossible to tell what this means for your bills right now, but you can always make sure you're getting the best energy bills with this quick energy comparison.

 Offshore wind is now cheaper than new nuclear 

UK offshore wind farms will generate electricity that is less costly than that produced by new nuclear power stations, according to Forty by ’50: The Nuclear Roadmap published by the Nuclear Industry Association (NIA). The research found that nuclear power plants that have been proposed for sites at Sizewell in Suffolk, Wylfa on Anglesey and Bradwell in Essex are likely to generate electricity costing around £60 per megawatt hour (MWh), while Round 3 Contracts for Difference (CfD)'s offshore wind projects will be able to supply it for as low as £39.65 per MWh.

This in turn means that subsidies for energy generated by renewables may no longer be needed, thus easing the burden on the billpayer.

CCC report says that Government should implement a green recovery after the lockdown 

The Government’s advisory climate change committee, the Committee on Climate Change (CCC) released a report last week assessing the UK’s performance on emissions reduction so far and making recommendations for improvement. 

The CCC report said that the Government must use the opportunity presented by the COVID-19 lockdown to initiate a green recovery, helping to create jobs, reskill employees and improve energy efficiency in homes across the country. The report also prioritised the move away from fossil fuel transportation, the implementation of carbon taxation and a renewed drive around environmental social change. 

EDF Renewables to collaborate with Octo Energy on hybrid solar and storage projects 

EDF Renewables has entered into an agreement with Octo Energy in which it will identify potential sites for hybrid solar and battery storage plants with a total capacity of 200 MW. The plan will help EDF to achieve its target of 10 GW of extra storage by 2035, expanding its current UK 1 GW portfolio. It will also help the country to achieve its net zero targets by creating value across the UK energy network. 

FIND THE BEST ENERGY DEAL FOR YOUR HOME
We've partnered with MoneySupermarket to help you find the best energy deals in your area. Our energy comparison tool takes less than five minutes to use, and could save you hundreds on your energy bills. Just tell us your post code, and we'll show you the best tariffs in your area - plus our latest exclusive offers. Save money on your energy bills now