Energy UK hosts its annual conference today (Thursday October 13th) at One Birdcage Walk, Westminster featuring a high-powered gathering of expert speakers and panellists.
This year’s theme is titled: “Beyond the crisis – towards a fairer future” and panels will be discussing the contribution that policy, tech and innovation and investment, respectively, can play towards the goal of creating a low carbon energy system that delivers for all its customers as the sector looks at how it can emerge following the challenges brought by the current crisis.
Keynote speakers on the day include: Emma Pinchbeck, Energy UK’s chief executive; Alice Delahunty, President, UK Electricity Transmission, National Grid; Graham Stuart MP, Minister for Climate; and Jonathan Brearley, Ofgem’s chief executive.
As is traditional, the conference also sees the publication of the annual Energy in the UK report, highlighting facts and figures which illustrate the sector’s huge contribution to both the UK economy and reducing emissions.
Energy UK would like to thank those sponsoring the conference this year: National Grid, Arup and LCPDelta
Key stats from Energy in the UK 2022
Contributing to the economy
- The energy industry contributes £40bn to the UK’s economy each year rising to around £150bn including supply chain activities
- In 2021, the industry invested £13bn in the UK, and has plans to invest £100bn in the coming decade
- The energy industry supports 1 in every 48 jobs in the UK, mostly concentrated outside of London. The North West of England has the highest concentration of energy jobs.
Coming through the crisis
- Wholesale gas prices have increased by 10 times since the beginning of 2021
- This has caused surges in wholesale and retail prices which have contributed to over 30 UK retail suppliers failing and a growing cost-of-living crisis
- Amidst increased financial pressure, retail suppliers have pledged additional support for customers of £54m, on top of government and mandatory schemes
- Improving energy efficiency, building more low-carbon generation and decarbonising heat and transport are the long term solutions to avoid future price shocks
Powering our lives
- 1 in 5 new cars sold in the UK is an EV
- Some Government policies, such as the Energy Company Obligation (ECO), have been successful in improving energy efficiency in the UK. Across all generations of ECO, measures have been installed that have saved £17.5 billion on bills, or £290 per improved household per year.
- However, insulation installations have stalled; following policy changes in early 2010s insulation levels dropped dramatically, and have not recovered.
The path to Net Zero
- Carbon dioxide emissions from energy supply (mostly electricity generation) have fallen to below a third of their level in 1990
- Gas is the largest contributor to the UK’s mix of electricity sources.
- Wind – both onshore and offshore – is the most prominent source of renewable electricity. It accounts for a fifth of electricity generation.
- The cost of solar in the UK is projected to fall 87% between 2011 and 2025 and the cost of offshore wind 71%.
About Energy UK
Energy UK is the trade association for the energy industry with over 100 members – from established FTSE 100 companies right through to new, growing suppliers, generators and service providers across energy, transport, heat and technology.
We represent the majority of the energy sector – excluding networks and upstream oil and gas.
Our members deliver nearly 80% of the UK’s power generation and over 95% of the energy supply for 28 million UK homes as well as businesses.
The sector invests £13bn annually and delivers nearly £30bn in gross value – on top of the nearly £100bn in economic activity through its supply chain and interaction with other sectors – and supports over 700,000 jobs in every corner of the country.
The energy industry is key to delivering growth and plans to invest £100bn over the course of this decade in new energy sources.