Net zero power without breaking the bank | SSE
- Jul 26, 2021 2:41 pm GMT
Our analysis focused on five key steps to achieve these savings, showing that: Importantly, capital costs represent the largest component of costs to meet net zero – getting the right CapEx, at the right times, in the right places and at low cost of financing is key to the lowest cost delivery of net zero. Our analysis also shows that the GB power system can reach a gross carbon intensity of 25gCO2e/ kWh by 2035 and do so cost effectively. A net negative power sector from the 2030s will support decarbonisation across the economy and be the engine of the UK’s efforts to get to net zero. However, policy decisions about when the GB power system becomes net negative as well as to the role of existing gas generation capacity will need consideration to ensure value for money for consumers.
This report summarises the analysis conducted, covering the objectives and principles of the analysis, the “Current Trajectory” scenario used as starting point, and each of the five steps needed to achieve a low cost, high renewables power system.
A renewables-led energy system centred on offshore wind achieves significant system cost savings versus more conventional pathways where greater levels of new nuclear capacity are deployed
See page 12 See page 13 See page 15 See page 17 See page 19 Low-carbon thermal generation such as gas Carbon Capture and Storage (CCS) and hydrogen power generation complement renewables and provide further system cost benefits, while also having wider benefits such as supporting CCS and hydrogen infrastructure in industrial clusters Longer duration storage and green hydrogen production are key to balancing a renewables-led system, and the early strategic development of storage options maximise these benefits, though will require support mechanisms to bring these benefits forward
Valuing all low-carbon generation equally through electricity market reform could save the system £20bn by supporting more economic life extensions, refurbishments or repowering over new assets, the largest single component of the £48bn total savings A co-ordinated offshore transmission network can sign
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Recommendation 1: Plan in the national interest We recommend that the Australian Government establishes a body to develop an evidence-based approach to planning and coordinating the transition to net zero – including the development of hydrogen..
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