This technical paper is a welcome expert contribution and 'explainer' from Dr Chris Harris. It sets out basic economic considerations in energy supplier hedging and discusses how these may interact with energy volumes, wholesale prices and the price-cap in a period of major uncertainty. He raises important questions about our near-term readiness and resilience for a cold winter and he stresses the short and longer-term imperative for energy saving.
This briefing paper aims to stimulate discussion about the principles that should underpin decision making by policy makers, regulators, companies, investors and others in essential services to support the transformational shift taking place towards sustainability.
This Briefing Paper explains why a principles-based approach is important to support the transformational shift taking place towards sustainability. It establishes the needs case for our Sustainability Principles Project and how this work will tackle this issue in essential services.
To get change at the scale and pace needed to deliver on our net zero commitments, and to enable the more fundamental systems change needed to ensure the wellbeing of people and planet, competition and consumer protection laws will need to reorientate to give far greater weight to net zero and resilience. Delivering sustainability often requires a difficult balancing act, trade-offs and identification of win-wins which can be complex and challenging.
All the electricity distribution networks have now published drafts of their RIIO2 Business Plans (with the exception of UK Power Networks who have produced a 20-page summary).
We support the underlying consultation proposition that net zero creates a step-change and the need for a new expert capability across electricity and gas systems. We also argue for a need to evolve whole-system approaches to energy system architecture, coordination and governance. In developing the Future System Operator role as outlined in the consultation, we also highlight areas that need more attention
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We fully support the need for a Strategic Policy Statement, and also recognise that it needs to be part of the strategic objectives which have been set for Ofwat in legislation. The SPS admirably seeks to give these steers which are, welcomely, significantly more numerous and granular than in the 2017 SPS. We outline our response to Defra’s three key questions and make suggestions for improving the SPS. But we also argue that the SPS would be greatly improved if – either within the document or elsewhere – ministers set out a strategic vision for a future water industry.
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