• Home
  • About us
  • Contact Us
  • Date/Time
  • Login
  • Subscribe

logo

  • Home
  • Politics
  • Economics & Finance
  • World
  • Arts & Books
  • Life
  • Science
  • Philosophy
  • Subscribe
  • Events
Home
  • Home
  • Blogs
  • Politics
  • Economics & Finance
  • World
  • Arts & Books
  • Life
  • Science
  • Philosophy
  • Subscribe
  • Events
  • Home
  • Economics & Finance

Powering Trade

Sponsored feature

As with other sectors, Brexit complicates the picture somewhat—but we should be optimistic about the UK's place in the energy market

by Duncan Weldon / August 1, 2018 / Leave a comment
  • Facebook
  • Twitter
  • Linkedin
  • Email

There are opportunities available—and the UK could harness them. Photo: Max Pixel

The energy market is being radically reshaped by economic and technological change.  Against this backdrop, Prospect have recently convened a series of round tables with Centrica to discuss how the future might evolve and to examine the prospects for UK exports at a time when Brexit is focusing minds upon the UK’s balance of payments.

Three major factors are driving change. Firstly, consumer choice is on the rise. Compared to the situation a couple of decades ago, consumers are now more likely to shop around and switch energy provider.

Compounding this is the second driver, the rapid advance of digital technology and the growth of “smart home” devices and the wider “internet of things.” Increasing numbers of consumers are taking far more control over their energy usage and are much better able to monitor. Taken together, this represents a potential large rise in consumer power.

Alongside this change in consumption patterns is a change in production. The growth of renewables and the wider awareness of climate change targets combined with new technologies on the production side are beginning to drive a shift away from asset heavy, legacy methods of generating power and towards smaller, more asset light, more local types of power generation.

The potential growth of battery storage capacity could push more generation down this route.  An even bigger potential catalyst for change could come with the more wide spread use of electronic vehicles.

At time of flux, regulation and policy is often struggling to keep up with the pace of change.

Centrica believe there is a large potential for the UK to grow exports in this changing market. This is less about manufacturing and more about expertise and technical know-how. In some of the larger emerging markets, there is the potential that energy grids will leap frog those of the more mature economies. An economy which never really developed the asset heavy, centralised grids (still common in the West) may instead move straight to the stage of more local, smaller grids and markets.

The UK, alongside its developed market peers, is well placed to offer the technical guidance to run and design such systems. Whilst the UK is unlikely to able to compete on manufacturing costs, it can certainly compete much higher up the…

YOU’VE HIT THE LIMIT

You have now reached your limit of 3 free articles in the last 30 days.
But don’t worry! You can get another 7 articles absolutely free, simply by entering your email address in the box below.

When you register we’ll also send you a free e-book—Writing with punch—which includes some of the finest writing from our archive of 22 years. And we’ll also send you a weekly newsletter with the best new ideas in politics and philosophy of culture, which you can of course unsubscribe from at any time







Prospect may process your personal information for our legitimate business purposes, to provide you with our newsletter, subscription offers and other relevant information.

Click to learn more about these interests and how we use your data. You will be able to object to this processing on the next page and in all our communications.

6849860035df5aec4080222.77019870

Go to comments

Related articles

Boris Johnson's tax plans: gambling on ignorance about the nature of wealth
Jade Azim / June 17, 2019
Not only do most voters have little idea of what an "average" wage is in reality, they...
What it's like to be the ghostwriter behind some of pop's greatest hits
Suchandrika Chakrabarti / June 17, 2019
After a successful career writing songs for Robbie Williams, Guy Chambers has just...
Share with friends
  • Facebook
  • Twitter
  • Linkedin
  • Email

Comments

No comments yet

Prospect's free newsletter

The big ideas that are shaping our world—straight to your inbox. PLUS a free e-book and 7 articles of your choosing on the Prospect website.

Prospect may process your personal information for our legitimate business purposes, to provide you with our newsletter, subscription offers and other relevant information. Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This Month's Magazine

Perspiciatis unde omnis iste natus.

A pint with Mr Wetherspoon, the wisdom of Clive James, inside the new arms race. Plus: A short story by Kamila Shamsie, and the new ideas for 2020

Subscribe

Most Popular

  • Read
  • Commented

Six reasons why the Left need not despair

How did the Conservatives win?

What was the general election turnout? (And four other statistics to know)

Will Boris Johnson reshape the Whitehall landscape?

How cowed judges could let Boris Johnson break the law

Boris Johnson unbound: A British tragedy?

3 Comments

Ivan Rogers on Brexit: the worst is yet to come

3 Comments

John le Carré's post-Cold War vision is shot through with a sense of longing

2 Comments

How dare those signed up to hard Brexit lecture Labour on the economy?

2 Comments

Six reasons why the Left need not despair

2 Comments

About this author

Duncan Weldon
Duncan Weldon is Britain economics correspondent at the Economist
  • Follow Duncan on:
  • Twitter
More by this author

More by Duncan Weldon

How economists predicted the wrong financial crisis
July 17, 2018
How regeneration should be done
May 23, 2018
How much pocket money should I be paying my children?
May 18, 2018

Next Prospect events

  • Details

    Prospect Book Club - David Lammy

    London, 2020-03-19

  • Details

    Prospect Book Club - Jack Shenker

    2020-02-17

  • Details

    Prospect Book Club - Amelia Gentleman

    2020-01-27

See more events

Sponsored features

  • Delivering the UK's invisible infrastructure project

  • Future of Aid: the full report

  • A forest fund for the future

  • A new humanitarianism for the modern age

  • The future of sustainable economic development

PrimeTime

The magazine is owned and supported by the Resolution Group, as part of its not-for-profit, public interest activities.

Follow us
  • Facebook
  • Twitter
  • Google+
  • RSS

Editorial

Editor: Tom Clark
Deputy Editor: Steve Bloomfield
Managing Editor (Arts & Books): Sameer Rahim
Head of Digital: Stephanie Boland
Digital Assistant: Rebecca Liu
Production Editor & Designer: Chris Tilbury
Commissioning Editor: Alex Dean
Creative Director: Mike Turner
US Writer-at-Large: Sam Tanenhaus

Commercial

Commercial Director: Alex Stevenson
Head of Marketing: Paul Mortimer
Marketing and Circulation Executive: Susan Acan
Head of Events: Victoria Jackson
Events Project Manager: Nadine Prospere
Head of Advertising Sales: Adam Kinlan 020 3372 2934
Senior Account Manager: Patrick Lappin 020 3372 2931
Head of Finance and Resources: David de Lange

  • Home
  • Advertising
  • Contact Us
  • Privacy Policy
  • Terms and Conditions
  • Acceptable Use Policy
© Prospect Publishing Limited
×
Login
Login with your subscriber account:
You need a valid subscription to login.
I am
Remember Me


Forgotten password?

Or enter with social networking:
Login to post comments using social media accounts.
  • With Twitter
  • Connect
  • With Google +
×
Register Now

Register today and access any 7 articles on the Prospect’s website for FREE in the next 30 days..
PLUS find out about the big ideas that will shape our world—with Prospect’s FREE newsletter sent to your inbox. We'll even send you our e-book—Writing with punch—with some of the finest writing from the Prospect archive, at no extra cost!

Not Now, Thanks

Prospect may process your personal information for our legitimate business purposes, to provide you with our newsletter, subscription offers and other relevant information.

Click to learn more about these interests and how we use your data. You will be able to object to this processing on the next page and in all our communications.

×
You’ve got full access!

It looks like you are a Prospect subscriber.

Prospect subscribers have full access to all the great content on our website, including our entire archive.

If you do not know your login details, simply close this pop-up and click 'Login' on the black bar at the top of the screen, then click 'Forgotten password?', enter your email address and press 'Submit'. Your password will then be emailed to you.

Thank you for your support of Prospect and we hope that you enjoy everything the site has to offer.

This site uses cookies to improve the user experience. By using this site, you agree that we can set and use these cookies. For more details on the cookies we use and how to manage them, see our Privacy and Cookie Policy.