New supply chief Jonathan Mills starts drafting plans to safeguard winter supplies amid war in Ukraine
Graham Watson's insight:
The long-term planning has begun already, with the supply chief of Britain's electricity sector already making plans for the winter, amid the ongoing conflict in Ukraine.
It's likely that any deal is likely to rely upon a mixture of energy sources - including fossil fuels such as coal or gas - and renewable energy too. But the worst case scenario is likely to see households being asked to reduce electricity consumption.
Firms were unprepared for last year's Storm Arwen which left over one million without power, says Ofgem.
Graham Watson's insight:
OFGEM have suggested that Britain's electric suppliers were under-prepared for Storm Arwen and need to raise their game in this regard. It highlights the fragility of the electricity network at a time when the question of energy security, and it's implications for the economy's supply-side is being closely scrutinised.
Business secretary Kwasi Kwarteng says the UK has "more than sufficient capacity" amid gas price spike.
Graham Watson's insight:
You read it here first - Kwasi Kwarteng has asserted that there's no danger of the lights going out this winter as a result of the ongoing energy shortage - arguing that the UK has sufficient capacity in the wake of the ongoing energy crisis.
That we're even talking about this could have profound implications for the UK's supply-side and anything which sees normal productive activity jeopardised would represent a dramatic supply-side shock and, as Labour discovered in the 1970s, could have profound electoral effects.
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‘No threat’ to energy system, as people stay away from offices, pubs and restaurants during pandemic
Graham Watson's insight:
Every cloud and all that: the National Grid's electricity system operator (ESO) are reporting that despite concerns that this winter was going to see the smallest amount of spare capacity in recent times, coronavirus looks like ensuring that there will be a sizeable buffer between electricity demand and the available capacity.
As a result of lower demand from offices, pubs and restaurants, it seems that this potential supply-side bottleneck is unlikely to be problematic, in the short-term, at least.
A host of pylons and cables would transport power from offshore wind farms around the UK.
Graham Watson's insight:
National Grid are trying to guarantee the economy's energy security by investing in improving the network to allow for the easier transfer of offshore wind power into the existing electricity supply network.
Such a move would greatly enhance the capacity of the network and represent a supply-side boost for the economy.
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Cut soaring energy costs by paying energy levies through taxes, E.On UK boss Micheal Lewis says.
Graham Watson's insight:
This BBC article looks at two issues relating to the electricity sector: initially, it details the objection of the boss of E.On to existing green levies that artificially inflate electricity prices so as to fund investment in renewable energy.
However, that he has spoken out now is interesting, given the suggestion that market conditions have changed so as to dramatically increase the price of electricity in recent weeks. In the first place, there's a shortage of gas to generate electricity and this week has seen a fire at an Interconnexion France-Angleterre (IFA) site, the largest capacity interconnector.
So do we face the real prospect of an energy crisis? And what are the implications for the macroeconomy? And can you draw this using AD-AS analysis?
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EUR - Euro USD - US Dollar DNR - DINAR GBP - British Pound INR - Indian Rupee AUD - Australian Dollar CAD - Canadian Dollar AED - Emirati Dirham ZAR - Rand CHF - Swiss Franc CNY - Chinese Yuan Renminbi MYR - Malaysian Ringgit THB - Thai Baht NZD - New Zealand Dollar SAR - Saudi Arabian Riyal QAR - Qatari Riyal
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The long-term planning has begun already, with the supply chief of Britain's electricity sector already making plans for the winter, amid the ongoing conflict in Ukraine.
It's likely that any deal is likely to rely upon a mixture of energy sources - including fossil fuels such as coal or gas - and renewable energy too. But the worst case scenario is likely to see households being asked to reduce electricity consumption.