Exciting times lie ahead for the UK energy sectorNov 30, 2019
by NICK FOTHERGILL Partner, Corporate
THESE are exciting times for the energy sector as the movement towards renewable power gathers momentum and the UK has become the first major economy to pass a net zero emission law.
This means the UK will bring all greenhouse gas emissions to net zero by 2050. In addition, we have 2020 targets to meet which focus on greenhouse gas emissions, energy from renewables and energy efficiency.
Our daily lives will become more driven by the need for electricity, from appliances in our home, which will be linked via the internet, to our vehicles.
This year’s serious power outage, which was caused by two generators shutting down, triggering a failure on the National Grid network and leaving parts of the UK in darkness, has drawn attention to the fact that as our traditional baseload power generators come offline, we are in danger if we don’t replace them, with the risk of further blackouts.
The offshore wind power sector, which receives relatively small subsidies from the government, is particularly strong in the UK, but we are going to need more solar and onshore wind power in the future. Both of these power generation technologies, which are costly to set up, do not currently receive subsidies from the government.
There are a significant number of investors who are interested in investing in renewables and have the money to do it.
The UK energy sector is certainly going through a period of change, but change can bring investment opportunities.
For more information, speak to Hewitsons. Visit www.hewitsons.com or call 01908 247010.