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BEI Lecture Series: Power Market Reform Required to Deliver Net-Zero
Friday 23rd April @ 10:00 am - 11:30 am
The UK is the first major country to legislate for a Net Zero target for carbon emissions by 2050, in line with the recent recommendations from the Committee on Climate Change (CCC). Achieving this target will require fundamental change across all sectors of the economy, with some sectors having to reduce their emissions to below zero. This is going to be huge undertaking particularly for the power sector which is currently at a relatively advanced stage of decarbonisation, with >50% of generation now from low carbon sources. However, the CCC expects electricity demand in the UK to nearly double from 300TWh in 2017 to 594TWh in 2050, which will require further large-scale buildout of renewables. Incentivising and integrating more low carbon generation to come onto the system is going to require a whole system approach and fundamental changes to the current policy and market design.
This presentation explores the required policy and regulatory changes in the GB electricity market that would enable delivery of Net Zero.
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