An in-depth study for the Global Warming Policy Foundation has revealed the skyrocketing costs of balancing the national grid, largely due to the intermittency of green power generation sources, most notably wind and solar. Since 2002, when these power sources began to be introduced at scale, the cost of balancing the grid has risen from £367 million to £1.5 billion per year by 2019. And now with the lockdown shrinking demand, balancing costs are optimistically projected to be £2 billion, potentially rising to £3 billion if the lockdown persists…
The conclusion of Dr John Constable, energy expert and author of the study, is stark:
“If demand remains low during the post-Covid recession the multi-billion pound costs of managing and subsidising renewables must be recovered from a much smaller volume of sales. That is a recipe for rapid and abrupt price rises, the like of which the British public have never seen. Enough is enough. In what everyone agrees is a very difficult moment the national interest demands a cost minimisation strategy for electricity, based on gas and nuclear.”
Fortunately, the UK could be on the brink of a nuclear revolution in small modular reactors (SMRs). Rolls Royce is leading a consortium of businesses urging the Government to accelerate plans for a swathe of high tech micro nuclear reactors across the north of England:
Plans are being discussed for sixteen micro-reactors to be built by 2050, providing enough consistent energy to power a city the size of Leeds and directly employing 40,000 people. Who knew that nuclear power stations even run when it’s not windy and at night!