The Technology Innovation Needs Assessments (TINAs) look at marine energy, electricity networks and storage, and carbon capture and storage (CCS) and will “inform” the government’s investment in these sectors.
CCS could lower the cost of the county’s energy system by £10-45 billion between now and 2050, with the potential to contribute another £3-16 billion in economic value to the UK in the same period.
Electricity networks could play an important role in supporting the uptake of renewable electricity generation, renewable heat and electric vehicles and save £4-19 billion up to 2050. It could create business opportunities worth an estimated £6-34 billion for the UK’s GDP.
Although the UK has a significant natural resource in marine energy, generation costs will have to come down to £100/MWh by 2025 to be competitive with other resources.
The TINA says this is “ambitious but possible with significant innovation” and, if successful, could save some £3-8 billion in energy costs and deliver £1-4 billion to GDP.
“This new analysis will help us better understand the value of these technologies to our growing green economy as well as the barriers to commercialisation, helping us put our available investment in the right place to spur on further innovation,” commented Energy and Climate Change Minister Greg Barker.
The director of strategy at the Energy Technologies Institute (ETI) Andrew Haslett, which was involved in the analysis said “Tackling the challenge of affordability, sustainability and security relies on taking a pragmatic approach to energy technologies. We must focus on what is practical and that means finding solutions that work for both end users and investors.”
The Low Carbon Innovation Coordination Group (LCICG) undertook the analysis, which brought together the expertise of the Department of Energy and Climate Change (DECC), the Department for Business, Innovation and Skills (BIS), the Carbon Trust, the ETI, the Technology Strategy Board (TSB), the Scottish Government, Scottish Enterprise, the Engineering and Physical Sciences Research Council (EPSRC), and other organisations.
For further information see www.decc.gov.uk/en/content/cms/funding/funding_ops/innovation/tinas/tinas.aspx