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Rab Supply Market Making Off Target Data Houses of Parliament New PowerDECEMBER 2019 ‘There will be digital companies out there that have stuff that they don’t realise is really useful in the energy world’ David Casale, Turquoise DATA OFF Far enough? Fast enough? TARGET Industry fears as Ofgem Innovators hits embedded plant respond SUPPLY RAB Will the Capacity Weighing up Market back-bill mean the option for more failures? new nuclear Where Labour really comes through MARKET is its plan to decarbonise steel MAKING Conservatives’ downplay of the Nigel Cornwall’s view climate issue... looks like a from the tower missed opportunity Manifestos on our energy future Hubs5 to Global issues: ‘If China decides take on Europe is a steady revenue England’s stream it could be good for us’ local plans Mark Hewett, Capgemini for energy Expert information for all those invested in the UK’s energy future GENERAL ELECTION Inside the manifestos: parties’ power plans INVESTING IN THE POWER SECTOR: charging network (£400 million in spending plans to The Conservatives are targeting 40GW of offshore 2023/24). Labour promises to invest in electric vehi- wind by 2030 and floating wind farms. cle charging infrastructure and in electric car clubs. Labour aims to deliver “nearly 90% of electricity The LibDems promise to cut VAT on EVs to 5%. and 50% of heat” from renewable and low-car- bon sources by 2030 (7,000 offshore and 2,000 ENERGY EFFICIENCY onshore wind turbines and 15,000ha of PV). It will Labour plans to upgrade “almost all” UK homes to trial and expand tidal energy. Labour would expand “the highest energy-efficiency standards by 2030”. storage and invest in grid and interconnectors, The LibDems promise a 10-year programme to and community energy. Whenever public money reduce energy consumption from all buildings. is invested in energy generation, the public sector The Conservatives promise to spend £6.3 bil- would take a stake. lion on energy efficiency – targeting social hous- The LibDems target is that at least 80% of UK ing and fuel-poor families – with another £2.9 bil- electricity is renewable by 2030. The LibDems lion for schools and hospitals (spending plans refer would remove restrictions on solar and wind and to decarbonisation spending of £710 million for build more interconnectors. They would support social housing and £2.1 billion for the public sec- tidal and wave power, energy storage, demand tor to 2023/24). The party promises “the creation response, smart grids and hydrogen with an addi- of new kinds of homes that have low energy bills” tional £12 billion over five years. but would also allow communities to set their own The three parties all want to maintain exist- standards for development. Spending plans include ing nuclear levels and the Conservatives promise an industrial energy transformation fund of £220 £800 million investment in carbon capture, utilisa- million to 2023/24. tion and storage by the mid 2020s (of which £400 million would come before 2024). GREEN FINANCE Both the LibDems and Labour propose green GOVERNANCE requirements for listed companies. Labour would The LibDems plan for UK and local Citizens’ Climate delist companies that do not contribute to tackling Assemblies, a Department for Climate Change the climate issue. Both LibDems and Labour and Natural Resources and a cabinet-level chief promise a new Green Investment Bank intended secretary for sustainability in the Treasury. to attract private as well as public finance. Labour Labour would ask the Office for Budget Respon- promises “full mobilisation of national resources, sibility to incorporate climate and environmental both public and private”. That includes a Sustainable impacts into its forecasts. Investment Board to bring together the chancellor, business secretary and Bank of England governor. INFRASTRUCTURE The Conservatives promise to use the £1 billion Labour would create a new UK National Energy Ayrton Fund (launched in September) to develop Agency and 14 new Regional Energy Agencies to clean energy. Labour would borrow £250 billion own and maintain grid infrastructure and ensure for a Green Transformation Fund. Meanwhile, a decarbonisation targets are delivered. It would bring National Investment Bank, backed up by a network the supply arms of the big six energy companies into of Regional Development Banks, would provide public ownership. £250 billion of lending for enterprise, infrastruc- The LibDems would expand community and ture and innovation over 10 years. Labour plans decentralised energy. to increase direct support for R&D and reform the The Conservatives promise to “lead on a new innovation ecosystem to better ‘crowd in’ private green industrial revolution”. investment. The Conservatives place clean energy second to TRANSPORT life sciences in its innovation strategy. Electrification of transport is a priority for all parties. Labour promises a “full, rolling programme of OIL, GAS, HYDROGEN electrification” and plans to bring rail back into All three parties would ban fracking – the LibDems public ownership. The LibDems would convert and Labour permanently. Labour plans new taxation the rail network “to ultra-low-emission technology on oil and gas operators, while the Conservatives [electric or hydrogen] by 2035”. promise a sector deal – not least because of gas’s All the parties want faster progress on EVs. The role in producing hydrogen. Labour would invest to Conservatives would invest £600 million in a fast- reduce the cost of green hydrogen. NP 2 NEW POWER / ISSUE 130 / DECEMBER 2019 GENERAL ELECTION the cost of running companies’ billing systems and the levies and taxes thought easier to collect via energy companies than taxation. It would be useful Election view if the proposal raised the question again of whether New Power responds to power and taxation is a better way to collect those levies. energy promises from the main parties WHOLE SYSTEM CHANGE? Labour’s proposal to turn distribution network oper- hat does the UK have to offer ators (DNOs) into regional energy agencies seems the world? In this month’s New more logical, but it also raises concerns. Power, reports and interviews The DNOs, already striving to overlay a competi- reiterate that the UK is seen as tive, innovative distribution system operator (DSO) a leader in meeting the techni- onto passive network owner/operator functions, cal and financial challenges of are faced with another huge challenge. Because, decarbonisation and the potential to expand that although we expect electrification of heat, transport, Wrole should be welcomed and supported by a new industry etc, the true value in decarbonisation lies government. Naturally, for New Power’s readers in taking a ‘whole system’ approach and one that this issue assumes particular importance. But for is very much based on local needs and resources. most voters it is hard to imagine that the vision of a Are the DNOs, reacting to a fast-changing electric- place on the world stage and the opportunity to be ity industry and with an institutional focus on elec- a keystone of an important new industry would not tricity, best placed to take that approach? be a vote-winning strategy. As we explore in this issue, England’s local enter- So the decision of the Conservative Party to down- prise partnerships and five energy hubs have already play the climate issue, and Boris Johnson’s lack of been looking at location-based energy issues and interest in, for example, taking part in a leaders’ cli- opportunities as part of their region’s ‘whole sys- mate debate, look like a missed opportunity. The cli- tem’. Why are single-issue electricity networks bet- mate issue may divide potential Conservative voters ter placed to deliver that than, for example, beefing who dispute the importance of climate change, but up the energy hubs? The case must be made. the bolder strategy would have been to argue that you do not have to agree that a phenomenon exists STEEL WINNER in order to supply high-value, high-technology equip- Where Labour really comes through is its plan to ment and services to countries that believe it does. decarbonise steel. These kind of industrial emis- The question over Labour’s plans is whether, in its sions are a really tough nut to crack and a UK drive to increase public ownership in the sector, it breakthrough here would be welcome globally as will undermine its own plans to place climate solu- well as domestically. tions in the forefront of its strategy. It is good to see the parties’ focus both on green investment and on forcing companies to meet A GOOD DEAL? environmental standards. As for power generation New Power questioned, when it was first floated, investment, at this stage it is more important to see whether Labour’s plan for buying the ‘Big Six’ that the focus is on low-carbon technologies than would be a good deal for consumers. The past it is to choose which ones. Market pressure should two years have not seen that deal look any better, see a major rollout of onshore and offshore wind as the companies continue to lose customers and and of PV, all of whose costs are still falling. margins get yet thinner. Instead, it has raised new That makes huge single investments like new questions. Assuming that Ovo’s purchase of SSE nuclear and tidal lagoons much more difficult and gets the green light from the CMA and the startup much slower. The challenge for a new government led by disrupter Sean Fitzpatrick were to go ahead will be to ensure whichever of these large projects it (clearly a question now), would Labour still expect wants to pursue offers the most low-carbon power to ‘buy it back’? What message does that send to at the lowest price and least risk to consumers.
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