Cornwall Insight’s Net Zero Transition: Future of Electricity Markets online training course was last held on 15 – 17 November. This learning and developing session, part of Cornwall Insight’s ‘Net zero transition’ training series, introduces a range of scenarios for the evolution of the GB electricity market to 2050, some of the technologies that may be required at scale to meet net zero, and considers future market design, such as Locational Marginal Pricing (LMP) and the Review of Electricity Market Arrangements (REMA).
During the course, we asked delegates for their thoughts on several aspects of the future of the GB electricity market. Although not scientific in nature, the results are illuminating.
When discussing potential policies specifically aimed at calling forward low-carbon generation respondents, they ranked ‘Contract for Difference (CfDs) variants’ the highest, with a low-carbon abatement auction scheme (also known as a ‘Dutch Auction’) a close second.
Of the novel technical solutions which may be necessary for a decarbonised system, the delegates suggested Carbon Capture Usage and Storage (CCUS) technologies would be necessary. This includes installations that would permit the continued burning of fossil fuels (CCUS) and bioenergy fuelled plant (BECCS) that is seen as a key negative emissions technology.
Given the scale of the challenge to meet the UK government’s commitment to decarbonise the electricity mix by 2035 (subject to security of supply), the audience was not wholly optimistic that the objective would be met, with the majority voting a two in five chance, although some delegates were more confident the objective would be met!