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New Energy World
New Energy World embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low carbon technologies.
European electricity market overhaul underway
17/4/2024
10 min read
The UK and European energy retail markets have been rocked by events post-COVID and the war in Ukraine, which have all taken their toll. Nnamdi Anyadike takes a look at an energy market at the crossroads, with strategic reviews underway nationally and internationally.
Reshaping the electricity market was one of the hot topics of debate at the recent International Energy Week 2024 conference, held by the Energy Institute. Marzia Zafar, Director for Strategy and Innovation at Ofgem, said the problems facing the UK electricity retail market run particularly deep. ‘The digitalisation of the energy system, away from the present analogue system, needs to happen and happen fast. Everyone needs access to smart meters that can provide the necessary granular data,’ she told the ‘Shaping the future of electricity’ panel.
Ofgem is making attempts to reform the energy market and clean up the sector. But these initiatives are plagued by spiralling energy bills and soaring household debt, as well as geopolitical uncertainty when it comes to the issue of energy security.
Some of the problems now facing the UK national grid could have been avoided, said Kathryn Porter of the independent energy consultancy Watt Logic. ‘They were created by outsourcing generation to other countries, via interconnectors. But many of these countries share the same problems as us and this has left the UK vulnerable. For example, Norway has now passed legislation to restrict exports because of falling water levels for their hydropower,’ she remarked.