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The United Kingdom Please note that this PDF is subject to specific restrictions that limit its use and distribution. The terms and conditions are available online at www.iea.org/about/copyright.asp Energy Policies of IEA Countries The United Kingdom 2012 Review Energy Policies of IEA Countries United Kingdom The United Kingdom is preparing for a deep decarbonisation of its energy system. The country has decided to halve its greenhouse gas emissions from 1990 to 2027 and to cut them by a total of 80% by 2050. For this to happen, significant private-sector investment in new energy infrastructure is needed. As it seeks concrete solutions to the low-carbon investment challenge, the United Kingdom is leading by example. The UK’s proposed Electricity Market Reform is a pioneering effort that will be closely observed by other countries. Ideally, this complex and ambitious reform would in the long run lead to a more liberalised marketplace in which low-carbon power generation technologies compete to deliver innovative and least-cost outcomes. Security of supply remains a key focus of energy policy. Fossil fuel production in the United Kingdom has peaked, and a fifth of the country’s ageing power generating capacity will have to be closed this decade. However, oil and gas imports are well diversified, and the government intends to promote various technologies to generate low-carbon electricity – renewable and nuclear energy and carbon capture and storage. More efficient energy use is essential to both decarbonisation and energy security. The Green Deal programme, which the UK plans to launch later this year, aims to improve energy efficiency in buildings and public spaces. The programme has the potential to help energy consumers overcome economic challenges, but for it to succeed, the general public must be sufficiently aware of its benefits. -:HSTCQE=V\U][Z: (61 2012 02 1P1) 978-92-64-17086-5 €75 Energy Policies of IEA Countries The United Kingdom 2012 Review INTERNATIONAL ENERGY AGENCY The International Energy Agency (IEA), an autonomous agency, was established in November 1974. Its primary mandate was – and is – two-fold: to promote energy security amongst its member countries through collective response to physical disruptions in oil supply, and provide authoritative research and analysis on ways to ensure reliable, affordable and clean energy for its 28 member countries and beyond. The IEA carries out a comprehensive programme of energy co-operation among its member countries, each of which is obliged to hold oil stocks equivalent to 90 days of its net imports. The Agency’s aims include the following objectives: Secure member countries’ access to reliable and ample supplies of all forms of energy; in particular, through maintaining effective emergency response capabilities in case of oil supply disruptions. Promote sustainable energy policies that spur economic growth and environmental protection in a global context – particularly in terms of reducing greenhouse-gas emissions that contribute to climate change. Improve transparency of international markets through collection and analysis of energy data. Support global collaboration on energy technology to secure future energy supplies and mitigate their environmental impact, including through improved energy effi ciency and development and deployment of low-carbon technologies. Find solutions to global energy challenges through engagement and dialogue with non-member countries, industry, international organisations and other stakeholders. IEA member countries: Australia Austria Belgium Canada Czech Republic Denmark Finland France Germany Greece Hungary Ireland Italy Japan Korea (Republic of) Luxembourg Netherlands New Zealand Norway Poland Portugal Slovak Republic © OECD/IEA, 2012 Spain International Energy Agency Sweden 9 rue de la Fédération Switzerland 75739 Paris Cedex 15, France Turkey www.iea.org United Kingdom Please note that this publication United States is subject to speci c restrictions that limit its use and distribution. The European Commission The terms and conditions are available also participates in online at www.iea.org/about/copyright.asp the work of the IEA. Table of contents TABLE OF CONTENTS 1. EXECUTIVE SUMMARY AND KEY RECOMMENDATIONS .......................................................................... 9 Executive summary ...................................................................................................................... 9 Key recommendations ...............................................................................................................14 PART I POLICY ANALYSIS .....................................................................................................17 2. GENERAL ENERGY POLICY......................................................................................................................19 Country overview .......................................................................................................................19 Supply and demand ...................................................................................................................20 Institutions .................................................................................................................................23 Key policies.................................................................................................................................24 Infrastructure planning ..............................................................................................................25 Critique .......................................................................................................................................28 Recommendations .....................................................................................................................29 3. CLIMATE CHANGE ..................................................................................................................................31 Overview ....................................................................................................................................31 Energy-related CO2 emissions ....................................................................................................32 Institutions .................................................................................................................................34 Policies and measures ................................................................................................................34 Critique .......................................................................................................................................37 Recommendations .....................................................................................................................38 4. ENERGY EFFICIENCY ...............................................................................................................................39 Final energy use .........................................................................................................................39 Institutions .................................................................................................................................39 Policies and measures ................................................................................................................41 Critique .......................................................................................................................................47 Recommendations .....................................................................................................................50 2010 3 OECD/IEA, © Table of contents PART II SECTOR ANALYSIS ...................................................................................................51 5. OIL AND NATURAL GAS .........................................................................................................................53 Overview ....................................................................................................................................53 Production licensing ...................................................................................................................55 Upstream tax regime .................................................................................................................56 Oil supply and demand ..............................................................................................................57 Oil market and infrastructure ....................................................................................................59 Oil prices and taxes ....................................................................................................................61 Security of oil supply ..................................................................................................................63 Natural gas overview .................................................................................................................67 Natural gas supply and demand ................................................................................................68 Natural gas infrastructure ..........................................................................................................72 Natural gas market structure and regulation ............................................................................74 Security of natural gas supply ....................................................................................................75
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