Project Delays Raise Concerns about UK’s Green-E
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Posted On: 02/26/2024 4:50:14 PM
Project Delays Raise Concerns about UK’s Green-Energy Transition
Green-energy project delays in the United Kingdom have left many worried about the nation’s ability to transition to cleaner energy sources in time to meet emission reduction targets. While the UK is no longer part of the European Union, it still shares the region’s goal of transitioning from fossil fuels such as coal and oil to cleaner alternatives to cut greenhouse gas emissions and combat climate change.
Solar and wind energy will undoubtedly play a major role in this transition, with solar energy at the forefront of the UK’s clean-energy transition. Energy company National Grid is also set to publish a national transmission plan that would see the construction of power lines connecting offshore windfarms with urbanized regions.
The UK’s push for net-zero emissions has already caused an increase in green-energy demand, and the nation’s grid will have to be expanded and even rewired to accommodate new clean-energy projects. However, power plants located in the country may be unable to meet the rising demand for green energy in Britain in the early 2030s.
In the absolute worst-case scenario, nascent technologies such as carbon capture and storage (CCS) as well as hydrogen power stations may fail to take off. Some predictions show Britain producing 39 gigawatts of power less than previously forecasted, meaning Britain may not be able to meet electricity demand for roughly 28 hours in 2035.
This electricity gap coupled with the Labour Party’s decision to pull back a $35 billion green spending plan has led to fears of green-power generation projects in the country failing to attract overseas investors. The UK was one of the many European nations that were plunged into an energy crisis when Russia invaded Ukraine. The country spent the months after the invasion struggling to shore up energy supplies and avoid rolling blackouts.
Further delays at Hinkley Point C, a nuclear power station in Somerset, England, have added more credence to the idea that nuclear plant construction is a slow and cost-prohibitive process. Although the Hinkley Point C project was first projected to complete construction by 2017, construction has been held up repeatedly and isn’t expected to be complete now until 2031.
Tom Glover, chair of utility company RWE Generation SE, says the renewables-energy market is currently experiencing a supply squeeze as most governments turned to renewables after the pandemic and the Russia-Ukraine war. Even so, Glover says there is little risk of encountering significant power production shortfalls because the UK can simply extend the lifetimes of operational gas plants.
As the UK grapples to accelerate its efforts to go green, entities such as Mullen Automotive Inc. (NASDAQ: MULN) are pressing ahead with their plans to gain market share for their EVs not only in North America but in international markets as well. It would be a shame if these zero-emissions vehicles have to be powered up by electricity from nonsustainable sources.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
Please see full terms of use and disclaimers on the GreenEnergyStocks website applicable to all content provided by GES, wherever published or re-published: https://www.greennrgstocks.com/Disclaimer
Green-energy project delays in the United Kingdom have left many worried about the nation’s ability to transition to cleaner energy sources in time to meet emission reduction targets. While the UK is no longer part of the European Union, it still shares the region’s goal of transitioning from fossil fuels such as coal and oil to cleaner alternatives to cut greenhouse gas emissions and combat climate change.
Solar and wind energy will undoubtedly play a major role in this transition, with solar energy at the forefront of the UK’s clean-energy transition. Energy company National Grid is also set to publish a national transmission plan that would see the construction of power lines connecting offshore windfarms with urbanized regions.
The UK’s push for net-zero emissions has already caused an increase in green-energy demand, and the nation’s grid will have to be expanded and even rewired to accommodate new clean-energy projects. However, power plants located in the country may be unable to meet the rising demand for green energy in Britain in the early 2030s.
In the absolute worst-case scenario, nascent technologies such as carbon capture and storage (CCS) as well as hydrogen power stations may fail to take off. Some predictions show Britain producing 39 gigawatts of power less than previously forecasted, meaning Britain may not be able to meet electricity demand for roughly 28 hours in 2035.
This electricity gap coupled with the Labour Party’s decision to pull back a $35 billion green spending plan has led to fears of green-power generation projects in the country failing to attract overseas investors. The UK was one of the many European nations that were plunged into an energy crisis when Russia invaded Ukraine. The country spent the months after the invasion struggling to shore up energy supplies and avoid rolling blackouts.
Further delays at Hinkley Point C, a nuclear power station in Somerset, England, have added more credence to the idea that nuclear plant construction is a slow and cost-prohibitive process. Although the Hinkley Point C project was first projected to complete construction by 2017, construction has been held up repeatedly and isn’t expected to be complete now until 2031.
Tom Glover, chair of utility company RWE Generation SE, says the renewables-energy market is currently experiencing a supply squeeze as most governments turned to renewables after the pandemic and the Russia-Ukraine war. Even so, Glover says there is little risk of encountering significant power production shortfalls because the UK can simply extend the lifetimes of operational gas plants.
As the UK grapples to accelerate its efforts to go green, entities such as Mullen Automotive Inc. (NASDAQ: MULN) are pressing ahead with their plans to gain market share for their EVs not only in North America but in international markets as well. It would be a shame if these zero-emissions vehicles have to be powered up by electricity from nonsustainable sources.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
Please see full terms of use and disclaimers on the GreenEnergyStocks website applicable to all content provided by GES, wherever published or re-published: https://www.greennrgstocks.com/Disclaimer
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