In this podcast we will be examining energy transition and asking what the UK has to do to deliver on its ambition to electrify the future economy.
The National Infrastructure Commission’s latest five yearly Assessment highlights a number of strategic priorities for the UK, not least the need to accelerate the energy sector’s move away from fossil fuels to ensure we reach our net zero emissions targets by 2050 – targets underlined by the latest COP28 global gathering in Dubai.
This energy transition – the journey towards a future of new decarbonised, renewable energy sources to power our transport systems, drive our industries and heat our homes - will require massive investment in electrification.
In fact, an expected 50% increase in electrification by 2035, according to the NIC, to support growth in heat pump use, electric car ownership and to power industry.
That means not only having to decarbonise our electricity generation by investing in wind, solar, biomass and nuclear power, but also means bolstering and expanding the way that this power is distributed and stored, and to ensure that our national grid has sufficient capacity and flexibility to meet the new ambition.
In fact, NIC has set a target of completing 17 additional electricity transmission projects by 2030.
Now, some progress is being made. Renewables already account for around 40% of the UK energy mix with over 55GW of installed capacity in offshore and onshore wind, solar biomass and hydro – up 6% in the year. And government has set a target to develop up to 50GW of new offshore wind by 2030 and to take solar capacity to around 70GW by 2035 - which is largely in line with the NIC’s modelling.
The reality is that there is no shortage of potential sites and no shortage of potential investors. But there is a huge problem bringing forward these projects and in particular, navigating the planning process to enable investment to flow into projects and connections to be made into the existing grid.
It’s a huge and very important topic so it is my pleasure to welcome Julia Prescot, deputy chair of the National Infrastructure Commission to the podcast today.Julia is also co-founder of investment fund Meridiam, and, amongst many other things, is currently driving the £2.4bn NeuConnect energy interconnector between Germany and the UK while also helping to guiding leading EV charging company Allego.
