UCL’s green energy blueprint for cutting UK electricity prices

A blueprint to cut UK electricity prices to bring them into line with competitor countries such as Germany and France as we move to low-carbon power generation has been proposed by UCL researchers. The report by UCL's Professor Michael Grubb and Paul Drummond recommends the government increases investment in in low-cost renewable energy such as onshore wind, and co-ordinates investment in power generation and network infrastructure more efficiently. Produced for the Aldersgate Group, a sustainable energy alliance, it also recommends the UK ensures it leaves the EU in a way that supports increased interconnection with European power grids and cross-border electricity trading. The report found UK industry pays on average a third more for electricity than many counterparts in Europe who have reaped the benefits of better interconnections, more cross-border trading and long-term supply contracts. It makes six key recommendations including: - Removing barriers to investment in mature renewable energy projects, given that technologies like onshore wind no longer need subsidy provided the political risks are minimised. This should be coupled with a resumption of the carbon price escalator, taking effect as coal retires from the UK system in the early 2020s, so that investors have confidence that they will save on fuel and rising carbon costs; - Encouraging greater co-ordination between investments in network and generation infrastructure to avoid congestion and inefficient network development.