Clean power 2030 with Joe Bush (Market Analyst @ Modo Energy)

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Nov 14, 2024

Join Joe Bush, Market Analyst at Modo Energy, as he tackles the ambitious Clean Power 2030 report. He discusses the Herculean effort needed to expand renewable energy from 50GW to 130GW by the target year. Joe highlights the crucial role of energy storage in managing grid constraints and the challenges that lie ahead for the industry. The conversation also delves into market changes like zonal pricing to encourage energy demand near generation, emphasizing innovative solutions needed for a sustainable energy future.

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ANECDOTE

Joe's Career Path Into Energy Analysis

Joe began his career as a carbon accountant then moved into investing in renewables and storage at Triple Point.
At Modo he now focuses on power market forecasts and battery revenue analysis.

ADVICE

Keep Gas As Backup, But Fund Availability

Expect gas capacity to stay but run much less frequently; plan for strategic reserves or capacity payments for investor viability.
Use strategic reserve mechanisms to keep plant available without distorting the main wholesale market.

INSIGHT

Unprecedented Renewable Build-Out

Britain must more than double renewable capacity from ~50GW to ~120–130GW by 2030, requiring unprecedented build rates.
Offshore wind especially needs up to ~5GW/year versus historical ~1GW/year to hit targets.

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A ‘Herculean effort’ in renewable buildout is the description used in NESO’s Clean Power 2030 report, outlining practical advice for the government on achieving a power system by 2030. The report defines what ‘Clean Energy’ means (>95% clean power generation by 2030) and discusses what buildout would need to look like in order to reach these targets. A staggering 70GW of new renewable generation is predicted to be needed to reach the targets in the ambitious Further Flex and Renewables scenario. How might these suggestions be achieved in practice, and what challenges is the industry likely to face over the next 5 years in the lead-up to target dates?

In this episode Modo Market Analyst, Joe Bush joins Ed Porter to explore NESO’s Clean Power 2030 report. Over the course of the conversation, they discuss:

The purpose of the Clean Power 2030 report and what it covers.
The sheer scale of buildout required to meet renewable and flexibility system targets, from 50 GW to 130 GW.
Transmission and network challenges and how the government might tackle the issue of constraint.
The role of energy storage in managing constraints and supporting the grid.
Exploration of potential market changes, including zonal pricing to incentivize demand location near generation.

Mentioned in this episode

Joe’s research article - Clean Power by 2030: what would it mean for BESS?

About Modo Energy

Modo Energy provides forecasts, benchmarking, data, and insights for new energy assets - all in one place. Built for analysts, Modo helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

All of our podcasts are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, podcasts, data visualizations, live events, and more, follow us on Linkedin or Twitter. Check out The Energy Academy, our video series of bite-sized chunks explaining how different battery energy storage systems work. For more information on how batteries can save carbon, check out our written research.