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.
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.
- Read more: Renews.biz
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.
- Read More: CGTN
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.
- Read more: Energy Live News
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