Energy Flexibility and Power Markets

Albert Cheung, Head of Research at BNEF, talks about the race to decarbonize the energy sector, and how the first phase – driving down the costs of clean energy – has been a success. The next phase will be a race to unlock flexibility in each part of the power system.

The first part of the clean energy transformation has proven to be a great success in that we’ve managed to drive down the LCOE of renewables around the world and added 175GW in new capacity in 2017.

Offshore wind has reached strike prices of $50/MW LCOE in Europe and batteries dropped by 80% to $209 within a decade.

In 10 years, non-hydro renewables went from supplying 1% of energy to 28% in the UK, 29% in Spain, 32% in Italy, 37% in Germany, and 69% in Denmark. The UK Grid has experienced coal-free days for the first time since the industrial revolution.

But we still have challenges.

Emissions grew by 1.4% in 2017 and we need to move faster to achieve a sustainable energy future.

In this 15-minute talk, BNEF’s Head of Research Albert Cheung discusses the second leg of the race – unlocking flexibility in every part of the power system. And how gas, storage, and controlling demand interplay with the network and power markets in an economy of decreasing energy prices.

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