How to Keep Pace with 2050 Net Zero Targets

Wind Industry Profile of

Forecasts from Cornwall Insight’s ‘Benchmark power curve’ suggests that up to ~46GW of new build renewable technology ? ~11GW onshore wind, ~10GW solar and ~25GW offshore wind ? may need to be developed by 2030 to keep pace with 2050 net zero targets.

This large-scale deployment of very low/zero marginal cost wind and solar technologies, as well as increasing interconnection in the 2020s, is likely to have a depressive impact on wholesale power prices out to 2030. Further modelling also shows that with an increase in high intermittent generation levels, it is likely the market will see a corresponding rise in price volatility. The volatility in the power price in 2019 was valued at £13/MWh*, but between 2020-24 modelling suggests an increase in volatility in... ... More: Official Press Release Cornwall Insight

Keywords:

Cornwall Insight, forecast, renewables, technology, GW, capacity, costs, wind, solar, low, zero, carbon, interconnection, wholesale power price