The UK’s legal commitment to zero emissions by 2050 requires substantial growth in renewable electricity generation, but rapidly expanding demand is likely to exceed supply. In parallel to a £23bn/year supply-side opportunity, this report reveals nearly £200bn/year worth of largely untapped opportunities for energy sector business growth in efficiency improvement, time-shifting demand, electrification, and decommissioning.
Since 2010, the UK’s non-emitting electricity supply has doubled, and with current commitments, the same linear rate of expansion is likely to continue to 2030 and beyond. This growth will be sufficient to replace all today’s gas-powered generation, but will not be enough to meet future demand. As transport, space-heating and industrial processes are electrified, demand for emissions-free electricity will soon outstrip supply, and by 2050 we will have around 60% of what we would otherwise want.
This report reveals four substantial business growth opportunities created by this likely shortage.