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IEAENERGY_Issue6.pdf?utm_content=buffer21038&utm_medium=social&utm_source=linkedin

IEAENERGY_Issue6.pdf?utm_content=buffer21038&utm_medium=social&utm_source=linkedin

UPFRONT WHAT DO YOU

UPFRONT WHAT DO YOU THINK WHAT DO YOU THINK What are the greatest risks to a secure electricity supply: a) inadequate investment; b) government policy; c) variable renewables; or d) climate change One respondent, selected at random, will win a free copy of the The Power of Transformation: Wind, Sun and the Economics of Flexible Power Systems. Share your thoughts and submit your raffle entry by 15 July 2014 at: http://bit.ly/IEAenergySurvey FROM OUR LAST ISSUE: Which area is most important for IEA co-operation with emerging economies: a) data; b) climate change; c) energy efficiency; or d) energy security ENSURING EMERGING ECONOMIES DON’T FOLLOW US DOWN THE BLIND ALLEY OF FOSSIL FUEL, BUT LEAPFROG TO RENEWABLES. Christina W. | Medstead, United Kingdom While I do think that efficiency is very important and closely related to climate change, I believe that in countries with limited resources this is always considered. Energy security is also very important, but it is so self-evident that it won’t be forgotten. Thus, climate change, which is easy to ignore on a local level, is the most important. Technology is the key. Lasse L. | Helsinki, Finland CLIMATE CHANGE IS A WORLDWIDE ISSUE. FIND SOLUTIONS TOGETHER TO DIMINISH THE EFFECTS OF CLIMATE CHANGE. Roman V. | Vienna, United States 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Data Climatechange Energyefficiency Energysecurity I feel that most emerging economies lack energy security and are struggling to provide their citizens with adequate energy in a reliable, sustainable and dependable manner. Energy security for most emerging economies is important to back up economic growth. Many emerging countries do not have enough fossil-fuel energy (which is still to be used for decades). Developed countries need to improve transfer of knowledge and technology [for] emerging economies/developing countries to use renewable energy. Wasiko T. | Jakarta, Indonesia Climate change is a global problem, and emerging economies are key if we want to prevent the worst. The IEA’s excellent reputation will aid such a co-operation. Constraining it might be the IEA member countries’ willingness to do their part. Marit S. | Brussels, Belgium IT IS CHEAPER AND MORE RESULTS-ORIENTED TO COLLABORATE WITH OTHER COUNTRIES. Manish V. | New Delhi, India Co-operation between oil-producing countries involving OPEC and non-OPEC members should improve the situation. Geopolitical tensions hold the potential to harm it. Bilal A. | Karachi, Pakistan CLIMATE CHANGE: BIGGEST ISSUE OF OUR TIME. Richard C. | Toronto, Canada Data inform leaders of all the above (climate change, EE, security), in addition to legacy industries’ growth. Providing leaders (not to mention IEA readers) with recommendations supported by data-based analysis is much preferred to opinion articles based on more narrow perspectives (i.e. only EE or climate change). Sam P. | New York, United States The winner of the previous raffle for a copy of the World Energy Outlook 2013 is Paolo Canfora of the European Commission – Joint Research Centre – IPTS, Sevilla, Spain. 6 The Journal of the International Energy Agency

OUTSIDE PERSPECTIVE UPFRONT HOW THE UK PURSUES ELECTRICITY SECURITY The United Kingdom enjoys a relatively high level of energy security, but it has not always been like this. During the 1970s, power cuts became commonplace. In 1974, the three-day week imposed as a result of coal strikes prompted Time magazine to write about “Britons bundled up in sweaters inside their chill homes and offices, scurrying at night through streets in a curiously darkened country”. Thankfully, this is a picture of Britain’s past. In recent history, electricity capacity margins have been high. And network resilience systems mean that power interruptions due to weather or technical failure are dealt with swiftly. This energy security is built on a framework of regulated, competitive markets that incentivise reliable supply. It is supported by home-grown resources, with oil and gas from the North Sea, nuclear power and the new boom in renewable energy. Renewables now provide about 15% of our electricity needs and, alongside a strong drive for energy efficiency, help us meet carbon reduction ambitions. Rising reliance on imports, and major investments in infrastructure But there is no room for complacency. Despite considerable reserves remaining in the North Sea, the United Kingdom is increasingly dependent on imports and more at the mercy of the volatile global markets that serve a more competitive, energy-hungry world. And events in Ukraine have shown how quickly circumstances can change. At the same time, we Britons face more than a decade of structural transition as our networks are upgraded and around one-fifth of our generating capacity is replaced. This will require about GBP 110 billion of capital investment in electricity infrastructure this decade alone. Our priority is to ensure that we have sufficient power capability at all points during this transition. The UK Energy Security Strategy tackles both the physical challenge of new power generation and grid infrastructure and the price challenge that requires us to balance risk with affordability. Our solutions are designed to be lasting, to 2050 and beyond, alongside our decarbonisation timescales. Key to delivering energy security in the long term is making sure we have a diverse energy mix, not over-reliant on any one source or fuel. So we have embarked on a significant Electricity Market Reform to create one of the world’s first low-carbon electricity markets. Long-term fixed-price contracts will incentivise investment in low-carbon electricity generation. A capacity market will help guarantee security of supply. And a new regulatory regime in the wholesale and retail markets will boost competition, encourage new entrants and bear down on prices for consumers. Investment is already flowing. Britain has become Europe’s renewables hotspot, with investment increasing by more than 20% over the last year. Annual investment in the electricity sector as a whole is now at record levels. And we have an electricity infrastructure pipeline of projects to 2020 worth over GBP 100 billion. By Edward Davey Edward Davey, the Liberal Democrat Member of Parliament for Kingston and Surbiton, was appointed UK Secretary of State for Energy & Climate Change in February 2012. The Department of Energy & Climate Change works to ensure secure, clean, affordable energy supplies for the United Kingdom and promotes international action to mitigate climate change. Edward Davey: photo courtesy of DECC In support of the single European energy market We recognise that booming investment and market reform will not suffice to guarantee our energy security. That requires working with our neighbours for mutual benefit. So we are foremost among European nations arguing for the completion of the single European energy market. We must step up integration and interconnection so that countries can buy clean, competitive, low-carbon electricity from wherever it is cheapest. Europe must not fail to exploit the potential advantage of a single energy market. That means across Europe we must fully implement the European Union’s energy liberalisation legislation and facilitate the investment needed in physical links between countries. So we are entering a challenging period, with increasing competition in the global markets and domestic margins tightening. But with the historic resilience of existing networks, our home-grown resources, our ambitions in Europe and the plans in place for domestic electricity market reform, the United Kingdom is well-placed to weather any storm. www.iea.org 7

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