WEMO24-Compiled Report-Interactive compressed (002) 4154-7882-8116 v.1 - Flipbook - Page 171
MARKET
DATA
• One of the new UK Government’s key energy pledges from the 2024 general election is the creation of Great British Energy, which will own, manage and operate clean power projects
• The new UK government intends to invest £8.3 billion of funding into this new, publicly owned green power company
• Together with Great British Energy, it will work to ‘turbocharge’ the UK Government’s target to deliver clean power by 2030
The O昀케ce of Gas and Electricity Markets (Ofgem) regulates the monopoly
companies which run the gas and electricity networks. It is governed by the
Gas and Electricity Markets Authority (GEMA).
1%
1%
2%
2%
CO₂ emissions (million tons of CO₂ equivalents)
360
Major review (Review of Electricity Market Arrangement) into Britain’s
electricity market design launched by the UK government to radically enhance
energy security and cut costs of electricity for consumers in the long term
350.4
2023 Electricity Capacity Mix
Gas
Wind
Nuclear
Bio Energy
Solar
Hydro
Coal
Oil
Others
5%
351.2
12%
338.5
340
34%
320
14%
300
2021
2022
2023
New generation capacity- Solar (In GW)
29%
Source: Statistical Review of World Energy Data 2024
Source: Gov.UK- Energy Trends June 2024
50.0
60
New generation capacity- Wind (In GW)
15.6
10
90
0
60
2023
2030
90.0
Transport
30.2
30
Source: IRENA , Solar Power Portal
Industrial
0
2030
Services
26%
Source: Gov.UK- Energy Trends June 2024
Sources: IRENA, Wind Europe
The “big six” energy companies operating in the UK are British Gas, EDF
Energy, E. ON, npower, Scottish Power, and SSE.
PPA Deals
23
The UK’s energy sector has mostly been privatized since the 1990s.
CO₂ pricing (euro/ton CO₂)
20
15
15
Sources:
https://energysavingtrust.org.uk/great-british-energy/
https://www.edie.net/national-grid-unveils-42bn-uk-investment-roadmap-on-the-road-to-net-zero/
https://www.power-technology.com/news/iberdrola-12bn-uk-energy/
https://www.mining-technology.com/news/zambia-uk-mining-renewables-investments/
https://www.energyinst.org/_ _data/assets/pdf_file/0006/1542714/EI_Stats_Review_2024.pdf
https://assets.publishing.service.gov.uk/media/667c1741aec8650b10090082/Energy_Trends_June_2024.pdf
https://carbonpricingdashboard.worldbank.org/compliance/price
https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2024/Mar/IRENA_RE_Capacity_Statistics_2024.pdf?rev=a587503ac9a2435c8d13e40081d2ec34
https://windeurope.org/newsroom/news/new-uk-government-plans-big-push-on-wind/#:~:text=The%20new%20UK%20Government%20is,from%2015%20
to%2060%20GW.
https://www.solarpowerportal.co.uk/solar-energy-uk-50gw-of-solar-needed-by-2030-alongside-of-30gw-energy-storage/
https://img.saurenergy.com/2024/01/european_ppa_market_outlook_2024_v7_high_res.pdf
https://go.pexapark.com/l/891233/2023-02-08/cjj25/891233/1675852816rjodUGY4/European_PPA_Market_Outlook_2023_V9.pdf
Domestic
42%
16%
2023
The National Grid runs the transportation (transmission and distribution) of
electricity. The price of electricity is determined by retail and wholesale
market. Wholesale electricity prices are not regulated.
2023 Electricity consumption by sector
16%
100
12
91.5
81.4
80
10
60
41.6
5
40
21.8
0
2021
2022
20.5
20
2023
20.9
0
Source: Pexapark- European PPA Market Outlook
2022
Source: The World Bank
2023
UK ETS
WEMO 2024
40
2024
CPS
171
UK
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