This report elaborates the UK's power market structure and provides historical and forecast numbers for generation, capacity and consumption up to 2030.
Economics, social trends, environmental concerns, and technology regarding the UK power market are uncertain. The policy makers would definitely help in providing some clarity to the objectives and ambitions in some way. Despite the uncertainties, high degree of political cohesion and direction would support increased levels of investments (about USD 552.2 billion) in the power sector. The recovered Eurozone and UK economy, increased trade integration, focus on green growth and productivity gains would further support this achievement. After all, the EU zone currently is the leader in low-carbon technology, which would mean that the power market is all set to grow.
This report, UK Power Market Outlook to 2030, Update 2014 - Market Trends, Regulations and Competitive Landscape, provides a snapshot of the country’s power sector across parameters -- macroeconomics, supply security, generation infrastructure, and transmission infrastructure, degree of competition, regulatory scenario and potential of the power sector.
Economic growth in Europe likely to be held back
Research on the UK power industry has highlighted that economic growth in Europe is likely to be held back mainly due to the slower growth of its population of working age, and higher dependency ratios. It has projected that the overall growth rate of the GDP in the Eurozone is expected to fall from 1.8% to 1.4% per year prior to the onset of the global economic crisis in 2030s. Despite this, the UK’s favorable demographic profile shows favorable growth, with corresponding forecasts predicting only a small fall from 2.4% to 2.3%. This would mean that there is a greater scope for actual growth, which will be reversed when the downturn reverses and slack is removed from underutilized capital and under-employed workforces.
Preparing for the uncertain future
For the UK power market, it is imperative to prepare for the future which will be based on the uncertainties. This can be done only when energy is managed well by making it a management concern. Furthermore, focus should be on being an energy-efficient country, as energy will become costlier. This can be done by taking advantage of self-generation opportunities for example, renewable heat, wind power or the solar PV by following policy developments and understanding its regulation.
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