Guest view: UK energy grid upgrade requires a change in thinking

BY RICHARD LUM (Co-CIO of Victory Hill Capital Partners)

As the UK races to decarbonise its energy mix, it is often the power generation announcements promising gigawatts of new sustainable energy that make headlines. But recently, the debate has shifted subtly toward the underlying architecture that will make this transition possible. Headlines have now begun to show that renewable energy projects can wait as much as 15 years before they receive grid connections.

The revelations mean the pressure has mounted on the UK regulator, Ofgem, for risking government investments in, and legally binding targets for, renewable energy output in the UK. The issue has led to a new government mandate that requires Ofgem to prioritise net zero. It recognises a fact that the energy industry has long understood – the grid regulator cannot be a neutral party in the transition to a low carbon economy.


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