New Delhi, Sep 6 (Ians) Natural gas is the main driver of electricity prices across Europe. In the UK, in recent years it has set electricity costs as much as 84 per cent of the time, despite providing well under half of the total electricity, a research published by Ucl has confirmed.
As a result, energy company revenues have increased from about 15 billion pound in 2019 to roughly double in 2021 and likely to over 50 billion pound in 2022.
In two papers being published on Monday, researchers outline reasons why, despite the advance of relatively cheap renewable energy, electricity prices have rapidly risen across Europe alongside the increased cost of natural gas.
They identify the structure of the wholesale electricity market as the main driver of excessive prices, and are developing solutions to change this.
Professor Michael Grubb (Ucl Institute for Sustainable Resources), who is leading the research, said: “Fossil fuels used to be cheaper than renewable energy sources,...
As a result, energy company revenues have increased from about 15 billion pound in 2019 to roughly double in 2021 and likely to over 50 billion pound in 2022.
In two papers being published on Monday, researchers outline reasons why, despite the advance of relatively cheap renewable energy, electricity prices have rapidly risen across Europe alongside the increased cost of natural gas.
They identify the structure of the wholesale electricity market as the main driver of excessive prices, and are developing solutions to change this.
Professor Michael Grubb (Ucl Institute for Sustainable Resources), who is leading the research, said: “Fossil fuels used to be cheaper than renewable energy sources,...
- 9/6/2022
- by Glamsham Bureau
- GlamSham
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