OIES Podcast – The UK’s Decarbonisation Objectives, the Role of Great British Energy, and REMA
Description
In this latest OIES podcast from the Electricity Programme, Dimitra Apostolopoulou talks to Senior Research Fellow Malcolm Keay about his latest paper titled “The UK’s Decarbonisation Objectives and the Role of Great British Energy” and the latest developments and key challenges of the Review of Electricity Market Arrangements (REMA). We start our discussion with the great progress the UK has made in its decarbonisation targets. We continue diving into the challenges of scaling up investments in renewable generation, storage resources, and demand-side flexibility, as well as the role of Great British Energy. We then focus on REMA and discuss the latest developments, such as locational pricing. Last, we discuss REMA’s main missing components, such as policy alignment, retail markets, nuclear generation and interconnections. An example of policy misalignment is the UK’s goal to become an artificial intelligence (AI) superpower and the rising electricity prices. AI is very energy-intensive, and countries with lower electricity costs will likely enjoy a competitive advantage compared to the UK.
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