A fully flexible energy system could cut cost of reaching net zero by £16.7bn a year in 2050.
This is the most significant finding from the Flexibility in Great Britain report, launched today by the Carbon Trust. It is the most in-depth analysis carried out to-date on the role flexibility plays within the energy system.
The analysis, carried out by the Carbon Trust and supported by Professor Goran Strbac from Imperial College London, delivers a robust and up-to-date evidence-base on the role and value of flexibility in a net zero system. It is expected to have profound implications for policymakers, households and the wider energy sector across Great Britain.
Key findings of the report confirm Kiwi Power’s assertions that energy flexibility provides the triple win of carbon reduction, grid resiliency and additional revenue to energy asset owners. The Carbon Trust takes this position further as the report provides a whole system view:
- Embedding greater flexibility across the entire energy system will reduce the cost of achieving net zero for all consumers while assuring energy security.
- Investing in flexibility is a no-regrets decision as it has the potential to deliver material net savings of up to £16.7bn per annum across all scenarios analysed in 2050.
- A more flexible system will accelerate the benefits of decarbonisation supported by decentralisation and digitalisation.
- To maximise the benefits of flexibility, households and businesses should play an active role in the development and operation of the country’s future energy system as energy use for transport, heat and appliances becomes more integrated.
- Policymakers should preserve existing flexibility options and act now to maximise future flexibility, such as by building it into ‘smart’ appliances or building standards.
Kiwi Power provided industry insight and feedback to the project team as part of a cross-sectoral group, including: Bryt Energy, EDF, Greater London Authority, IGEM, Low Carbon Contracts Company, SBM Offshore, SP Energy Networks, Statera Energy, Scottish and Southern Electricity Networks (SSEN), UK Power Networks and Western Power Distribution.
Jay Zoellner, Kiwi Power’s CEO, will be discussing energy flexibility within the UK energy system as part of an industry panel at the Carbon Trust Net Zero Energy Transition Week.