UK electricity sector

The ongoing debate on climate change has been overshadowed as of late by the global pandemic and its resulting worldwide economic recessions. Yet it also comes back to a conversation about the consumption of energy as it remains an essential source of economic growth and development. Some countries have set goals to consume energy in a more responsible way, but for others the question of responsibility and taking charge is a disputed issue. Low-emission driven energy consumption can be viewed as a privilege achievable mostly by the rich developed countries and something developing countries cannot afford at their current development phase. In any case, generating success in climate change mitigation policies such as cutting CO2 emissions requires a collective effort from many major countries around the world.

In an effort to reduce carbon footprint and greenhouse gas emissions, many countries, including the UK, have adopted energy efficiency programs focusing on modernization of electric grids with smart solutions as well as regulating the efficiency of a wide range of electrical appliances. Electricity continues to be an important source of energy used in a wide set of applications including transportation with the introduction of electric vehicles. An important step towards cleaner energy consumption has been eliminating the use of coal and fossil fuel in electricity generation. The chart of the month shows notable progress achieved in reducing CO2 emissions in recent years and follows a shift from coal generated electricity into renewable energy sources. Data released for the latest quarter indicate that the percentage proportion of fuel sources used to generate electricity, on a 12-month rolling sum, place renewable energy on top. Gas, Nuclear and oil have trailed behind, while coal in recent years has dropped to the bottom with less than 3 percent. It is safe to say that the dynamics of the UK electricity market has gone through a significant transformation, producing meaningful results. Still the journey ahead remains long and challenging as together oil and gas are responsible for around half of the total UK generated electricity. Co2 emissions have been dropping considerably in the last few years as the UK electricity sectors continuously shifting towards nuclear and mainly renewable energy sources.

Article provided by Macrobond.