An independent report on the economics of renewable energy sources has found that installing more wind turbines across the country would make the United Kingdom’s energy markets less susceptible to global fossil fuel price shocks.
With dwindling gas and oil supplies coming from the North Sea and other domestic sources, the nation would become more dependent on imports of a volatile supply of foreign energy and that the current wind turbines installed saved the nation £579 million in fossil fuel costs in 2013.
Recognised as having the best wind power resources in Europe, the report suggests that the United Kingdom should further invest in the renewable energy in order to save money in the future. The report, by Cambridge Econometrics for RenewableUK, was co-authored by Sophie Billington who said of its findings:
“One of the main messages from this report is that in a scenario with a higher content of wind energy, you are less reliant on fossil fuels. This is a key message, particularly when you consider that the UK – for the past five years or so – has imported more gas than it has produced domestically. For the wind scenario, you have higher upfront capital costs but fewer uncertain variable costs, leading to more price resilience.”
The Uk was the first country to establish a legally binding climate change target in 2008 requiring governments to reduce greenhouse gas emissions by at least 80% from 1990 levels by 2050 but Rob Norris, RenewableUK’s head of communications, said that these targets are currently not being met. He said:
“The crucial thing is that energy policy is a long-term game and at the moment we only really know what the government support will be out to 2020. What you really need is a long-term vision out to 2030 so then you can plan, especially when it comes to things like large offshore developments. We need a rich energy mix so then you do not put all your eggs in one basket. If you have different technologies, including renewables, competing against each other then the cost is driven down for the consumer.”
These findings may see the British government looking for more investment in the sector as it moves towards greener energies in the future.
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