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Good morning,
Energy policy was more prominent than usual in
the UK parties’ manifestos published this week. The main parties pledged to, at
a minimum, stick to Britain’s existing climate change commitments, but all
differ in the focus of their specific policies.
The Conservatives stress the need to meet
existing climate commitments as cheaply as possible and to avoid distortions,
while Labour focuses on social objectives – highlighting the cost of energy as a
key issue and promising to freeze prices until 2017. Liberal Democrat policies
are more focused on environmental objectives – matching the Greens’ 2050 zero
carbon target.
There are some flaws and inconsistencies with
each of their policies. The Conservatives will have difficulty achieving climate
change targets cheaply given their headline pledge is to halt the spread of
onshore windfarms – currently the one
of the least expensive forms of low carbon power. Labour’s energy freeze has
lost appeal since prices have fallen. Their promise to reform the big six energy
companies and to insulate 5 million homes by 2020 still has merits: for
comparison the Conservatives have only promised to insulate 1 million homes. The
Liberal Democrats are looking at expanding the Green Investment Bank and giving
it the power to borrow, as well as introducing a Green Buildings Act which would
include Council Tax discounts for completing home efficiency improvements. The
Liberal Democrats, like the other main parties, would allow fracking, but are at
least proposing that 50% of tax revenues from shale go into a fund for energy
efficiency and low carbon innovation.
UKIP propose to bin the Climate Change Act and
axe the Department for Energy and Climate Change, while the Green Party promises
to spend £90 billion on renewables and energy efficiency over the next five
years, cutting energy demand by a third and reducing the level of emissions by
2030 to 90% below the 1990 levels.
Away from the election, news that Sussex could
become the next Dallas looks to have been premature. Last Thursday small oil
company UKOG claimed it could be sitting on 100 billion barrels of oil. Industry
analysts were immediately sceptical – some entirely dismissive – and Wednesday
saw UKOG
admit it didn’t know how much was in place let alone recoverable. The exact
amount is a bit irrelevant given the larger climate point: our
blog tells you why new fossil fuels discoveries – bonanza or not – are a
move in the wrong direction.
Best wishes,
Simone Osborn
Co-editor, Energy
Crunch
Ps. You may have missed Energy Crunch co-editor
and NEF economist Sandra Bernick talking renewables on yesterday’s Today
Programme, you
listen again here from the 2hr 32m mark.
Three things you shouldn't miss this week
- Chart: Plummeting prices are boosting
renewables, even as subsidies fall
The
Economist’s chart compares the cost of power generation from fossil-fuels
with solar, demonstrating how cost-competitive it has become as investment in
renewables reaches new highs
- Article: Scrap
fossil fuel subsidies now and bring in carbon tax, says World Bank
chief - A five-point plan to deliver low-carbon growth, including
removal of incentives to exploit oil, gas and coal.
- Chart: Buried fuels and a much warmer
world
The
New York Times featured a chart illustrating the associated warming of
fossil fuel extraction, highlighting the dangers from exploiting all known
reserves.
Energy Transition
Vancouver
commits to run on 100% renewable energy - Canadian city of 600,000 people is
the latest to announce it will use only green energy for electricity,
transportation, heating and air conditioning within 20 years.
New
energy storage plant could 'revolutionise' renewable sector - Foundations
for an energy storage plant in Ireland that could “revolutionise” the
integration of renewable power into electricity supplies will be laid within
weeks.
Off-Grid
Solar Threatens Utilities In The Next Decade - A new report from the Rocky
Mountain Institute (RMI) finds that solar photovoltaics combined with battery
storage could become cost competitive with grid electricity in key parts of the
United States within a decade.
Fossil
fuel-free funds outperformed conventional ones, analysis shows - Investors
who dumped holdings in coal, oil and gas earned an average return of 1.2% more a
year over last five years, data from the world’s leading stock market index
reveals.
China's
coal imports fall nearly half in 12 months as anti-pollution drive bites - A
slowing economy and tougher environmental checks to curb chronic air pollution
problems are behind the 42% drop in imports.
German
backlash grows against coal power clampdown - Energy companies and unions
warn that planned emissions limits will spark mass plant closures and
redundancies.
Oil & Gas
Outlook
for Oil Prices ‘Only Getting Murkier,’ Energy Agency Says - The outlook for
oil prices is still uncertain after the sharp fall that began last summer, the
International Energy Agency said on Wednesday.
Shale
Oil Boom Could End in May After Price Collapse - The shale oil boom that
pushed U.S. crude production to the highest level in four decades is grinding to
a halt.
Shell
to buy BG for £47bn in largest ever British deal - The second-biggest oil
and gas deal ever on record will ignite a wave of deals.
New
study raises possible link between gas drilling and radon levels - Radon
levels in buildings near unconventional natural gas development in Pennsylvania
are higher than those in other areas of the state.
Nuclear
Law
changed so nuclear waste dumps can be forced on local communities -
Legislation rushed through in the final hours of parliament allows local
planning laws to be bypassed, seriously alarming anti-nuclear
campaigners.
EDF
cuts workers at Hinkley nuclear project pending deal - French utility says
it expects a final investment decision to be made on UK nuclear plant in
months
UK
Gatwick
oil gusher claims 'wildly optimistic' warns expert - UK Oil & Gas
Investments accused of making 'misleading' statements about scale of oil held on
the Weald near Gatwick Airport.
Election
2015: What the manifestos say on climate and energy - Carbon Brief will be
tracking the climate and energy content of the parties' manifestos as they are
launched over the coming week.
Should
the Gatwick oil stay in the ground? - The discovery of potentially 100
billion barrels of oil near Gatwick airport has been making headlines this
week.
Five
ways the UK's electricity grid is changing - Solar and wind up, falling
domestic electricity demand.
Lib
Dems pledge to put environment 'at heart' of government - Nick Clegg insists
low carbon economy and skills are a top priority for party at launch of election
manifesto.
Labour
ready to go green, but remains grey on detail - Labour’s energy and climate
policies appear to be based around two main ideas: more government oversight of
energy markets to ensure a fairer deal for customers and greater direction to
efforts to tackle climate change.
Contradictory,
cautious and incoherent - Tory manifesto offers confusion for the green
economy - The Conservative manifesto provides as many questions as answers for
the green economy
'Boiler
on prescription' scheme transforms lives and saves NHS money - Pilot project
in Sunderland hailed a success with GP and outpatient visits reduced by a third
and heating bills cut by £30 a month.
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