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Electricity Industry Market Report 2009
Key Note Publications Ltd, Aug 2009, Pages: 114
This Market Report examines the UK electricity industry in terms of the fundamental activities of generation, transmission, distribution and supply. Between 2005 and 2008, UK final electricity consumption declined year-on-year, and finished at 339,914 gigawatt-hours (GWh) in 2008. Factors contributing to this included a decline in the manufacturing sector, the large loss of office jobs in 2008 and efforts by consumers to contain energy costs during the economic downturn. In 2007, the main final demand for electricity arose from the industrial (34.4%) and domestic (33.6%) sectors. By value, the domestic sector accounts for the largest sales.
Many UK power stations are approaching the end of their useful life and it is estimated that a third of UK generating capacity must be replaced by 2020. Currently, fossil fuels account for the majority of electricity generation, with gas holding the largest share of the market, and this will continue to be the case at least until 2020. Due to increasingly tough measures on environmental issues, the industry will be required to find methods of reducing carbon emissions in the process of burning coal and gas. Some generating companies plan to build new coal-fired power stations, but the Government has decided that a proportion of the capacity of these stations must have carbon capture and storage (CCS) facilities, and has launched a scheme to subsidize four of the eight proposed sites. Eventually, all new coal-fired power stations will be required to include CCS schemes.
A decision has now been made to allow private companies to build new nuclear power stations, and it is anticipated that work can begin in 2013/2014, with operation beginning between 2017 and 2020. Land is currently being purchased for these sites. Renewable energy is growing as a source of electricity, but it is expensive, and some companies in this sector are campaigning for more Government support.
To improve efficiency in meter reading and to give customers more control over their energy consumption, the Government has announced that all homes in Britain will have smart meters by 2020. This major project will involve the installation of remotely read meters in 26 million homes and several million businesses.
Forecasting the electricity industry is extremely difficult due to the current downturn in the UK economy, and factors such as high unemployment, contractions in gross domestic product (GDP) and fluctuations in oil prices are likely to impact on the market between 2009 and 2013. According to the Department for Business, Innovation and Skills (BIS), gas will continue to be the dominant fuel used for electricity generation, and its share of the market (by terawatt-hours [TWh]) will increase from 36.7% in 2005 to 53.1% by 2020.
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