New London research centre to address electricity market design for net zero
Professor Michael Grubb. Image: UCL
A new research centre has been launched at UCL to provide insight on decarbonising power systems in the UK and beyond.
The new UCL Centre for Net Zero Market Design is planned to work across academia, industry, government, regulatory bodies and other stakeholders to inform reform on policies and practices for decarbonising energy markets.
Based at the central London university’s Institute for Sustainable Resources, the new centre also will work with masters courses at UCL to support the development of the new talent and expertise needed to tackle the upcoming electricity system challenges.
“This new centre fulfils an urgent need for expert insight and academic rigour as the UK seeks to transition its electricity sector to net zero,” says its director, Michael Grubb, professor of Energy and Climate Change at UCL.
“This requires independent research, informed by industry data and expertise, backed by understanding the needs and constraints of practical policymaking. The evidence-based insights and recommendations from our Centre’s activities aim to help the UK deliver its globally-leading ambition, informed also by emerging international experience.”
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The launch of the centre has been supported by Centrica, network operator SSE, National Grid and pensions insurance specialist Rothesay.
The research priorities of the centre will focus initially on some of the major challenges outlined in the government’s review of electricity market arrangements currently under way, including investing in and operating a flexible, renewables based system at scale and passing through its value to customers.
The first project will focus on the economics of potential surplus generation from renewables at times of high output and the impact on electricity prices and issues such as investment in new generation, the requirements for energy storage and flexibility and the impacts on consumers.
Over time, and informed by a stakeholder advisory board, the centre intends to continue to adjust its focus to keep up with emerging challenges as they arise.
Associated projects also are ongoing on topics including incentivisation of offshore wind, the consistency of goals and real trends in gas and electricity investments and the UK-EU energy relationships and in collaboration with Chinese and other partners the decarbonisation of China’s electricity system.
The chair of the advisory board is Simon Virley, vice chair of KPMG, who commented: “No one organisation has all the answers when it comes to navigating the energy transition. So, we have to find new ways to collaborate across government, industry and academia to find the best solutions. I’m pleased to be chairing the advisory board, which can help facilitate that sharing of views and collaboration.”
