Reinventing Energy: Advancing Renewables & Smarter Energy With Machine Intelligence

By 2020, renewable energy sources such as wind and solar will be cheap and easy to manage. Technological advances, environmental concerns and political backing will drive their adoption around the world.

Renewable energy is entering a virtuous circle, with rising investment (over £15.2bn in the UK last year alone) and greater deployment bringing down costs. There is no better evidence of that than the Paris Agreement clinched in December.

Fossil fuels, in contrast, appear locked in a downward spiral, in which financial and political misfortune feed off each other.

Against this backdrop of rapid change and innovation across the energy landscape, New Scientist and RE•WORK are hosting a 1 day Reinventing Energy Summit on 25 November, with over 200 attendees coming together to discover rapidly advancing technologies impacting energy from thought leaders in the field.

 

Confirmed speakers include:

  • Neal Coady, Head of Innovation, British Gas
  • Manish Naik, Senior Technology Associate, BP
  • Sara Bell, CEO & Founder, Tempus Energy
  • Arthur Kay, CEO, bio-bean
  • Andrew Haslett, Chief Engineer, Energy Technologies Institute
  • Molly Webb, Founder, Energy Unlocked
  • Simon Roberts, Chief Executive, Centre for Sustainable Energy
  • Howard Porter, CEO, BEAMA

The event is a unique opportunity to meet the business leaders, data scientists, engineers, government and entrepreneurs progressing renewable energy generation and integration all in the same room.

Companies attending include: National Grid, Centrica, Imperial College London, Mercuria, BBC, Enzen, Open Energi, Ofgem and T&M Services.

Agenda topics will include:

  • Machine Learning
  • Internet of Things
  • Smart Energy Storage
  • Smart Grid
  • Next-Generation Battery Storage
  • Renewables
  • Computational Sustainability
  • Intelligent Automated Systems

View the full schedule here.

As IEA executive director Fatih Birol put it, on the eve of the Paris climate talks:

There should be no energy company in the world who would believe that climate policies will not affect their businesses. If any company believes that climate policies are [just] the issue of the NGOs and think tanks, they are making a grave mistake.

If the last five years saw rapid change, the next five hold even more radical changes in store which is why the Reinventing Energy Summit is a must attend date in any energy customer’s diary.

 

Tickets & Registration

For further information and to register.

Brexit and Carbon Energy

Brexit and Carbon Energy

The UK’s decision to leave the European Union has caused a ripple of uncertainty across the globe. One area that could see a big shakeup is the UK’s position on carbon energy. Legal news site Lexology states that the UK was considered one of the more ambitious proponents of energy regulation, but that its role in energy policy has diminished worldwide after the vote. This is due to the potential renegotiation of treaties and ties with Europe concerning climate change. Yet there are positive outlooks for the renewable energy industry with the price of coal and gas falling.

Brexit

Despite the decision to leave the European Union taking place on June 23, the UK still hasn’t formally started the negotiations. Prominent investing experts FXCM suggest in their post ‘Will a Brexit Actually Happen?’ that there are questions over whether the result of the vote was binding and if it will actually be implemented. This has caused concern and confusion across the markets. The energy sector is facing years of uncertainly as the carbon market battles with falling prices.

Power

Business and market news site Bloomberg writes that there is a financial incentive for a shift away from fossil fuels due to the falling prices. It states that the UK’s decision to leave the EU has robbed the fossil fuel market of one of its biggest supporters forcing prices down after an 80% slide since 2011. The article goes on to state that the UK should follow Denmark and the Netherlands’s wind farm policy, with the government taking more control choosing locations. This would cut risks for investors in the UK who have to seek permits and fight against rival bids.

wind farms

Many experts hope that Brexit will lead to a rethink in UK carbon pricing. The Energy Collective writes that the UK played a large role in establishing the EU Emissions Trading System (EU ETS), which is the EU’s flagship climate policy. The UK has been a leading voice in tightening the cap on carbon trading and prices. Brexit has made the UK’s role in this policy uncertain and there is a strong possibility that the UK will withdraw. The site hopes that if the UK does change its carbon-pricing policy it will establish its own carbon-pricing scheme. This would allow tax from carbon energies to flow to low carbon investments rather than to the EU-ETS.

Unfortunately given the current political climate and a worldwide move to the right there might be very little political will to move toward carbon reducing polices. News site Salon believe that the historic Paris December treaty could be threatened by Brexit. Europe, as a union that included the UK, ratified the treaty and now that the UK is out it this that could potentially “kick the EU ratification of the Paris Agreement into the long grass.” Like all industries the energy sector is going to have to wait and find out the ultimate result of the EU result. At the moment the industry is on a knife-edge between leaning towards renewable energy or towards an increase in carbon energy.

EVI-g hits record high as gas price collapses

The Energy Volatility Index for wholesale gas, EVI-g, has hit a record high of 120%.  This is almost 50% higher than at any time since the Index began in 2015.

EVI-g_record_high

This morning, prompt gas contracts are trading lower, amid an oversupplied UK gas market. The intraday system is c.25mcm long, with high LNG nominations, coupled with healthy UKCS supplies. Total NBP supply is nominated at c.213mcm, with UKCS, NCS and LNG comprising the majority of flows at c.101mcm, c.52mcm and c.44mcm respectively. Britain to Belgium gas flow via the interconnector is currently  high and forecasted at c.56mcm, with British prompt contracts falling at a faster rate than its Belgian equivalent, incentivising exports.

Further out, forward gas contracts are trading lower, with weakening Brent crude markets. Brent currently trades below $47 per barrel, with dimming prospects of the world’s largest producers agreeing to a production freeze. US production has also shown signs of  increasing, with the rise in the number of drilling rigs over the last three months.