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Investor's Crypto Daily > Blog > Headlines > Economy > Economic News > Why it’s important that UK’s final coal-fired power plant in Ratcliffe-on-Soar closes:
Economic News

Why it’s important that UK’s final coal-fired power plant in Ratcliffe-on-Soar closes:

Last updated: September 30, 2024 1:52 pm
By Chad McAuley 6 Min Read
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The UK’s final coal-fired plant in Nottinghamshire, Ratcliffe-on-Soar is scheduled to produce electricity for the last time Monday after serving for 57 long years.

Contents
The UK energy industry has experienced a watershed momentHow has the UK reduced its coal consumption in energy?Future of UK Energy and Challenges in Reducing Gas Consumption

This closure marks a significant milestone on the journey of the nation to eliminate coal as the worst fossil fuel. It is in accordance with policies that were introduced by the government nearly 10 years ago.

It is expected that the UK will be the first large economy to give up coal.

Michael Shanks, Minister of Energy, acknowledged the historic significance of this event.

As a nation, we owe a great debt to future generations.

The plant, which once employed more than 3,000 engineers in its heyday, now has just 170 workers who remain to help with decommissioning, a process that is expected to take two years.

It is the culmination of a long series of delays. The initial plan to stop operations by late 2022 was postponed because of the Europe-wide crisis in gas, exacerbated as a result of Russia’s invasion into Ukraine.

Ratcliffe’s German owner Uniper reached an agreement to maintain the plant during the interim period. However, with things now stabilized, it is planned that the facility will be closed as scheduled.

The UK energy industry has experienced a watershed moment

Environmentalists have hailed the closure of Ratcliffe-on-Soar as an important achievement for reducing carbon dioxide emissions.

The green campaigners have described this as an example of leadership in international climate policy and of how to create a just transition for coal workers.

Lord Deben said, “It is a truly remarkable day.” He was the environment secretary who served for the longest time.

The Industrial Revolution is what Britain did to build her strength. We’re now leading the charge by getting rid of coal.

Jess Ralston is the head of Energy at Energy and Climate Intelligence Unit.

It is an example of British success that has been overseen by governments from all stripes. Some predicted blackouts when coal was removed from the system. But their dire predictions have repeatedly been proved wrong.

How has the UK reduced its coal consumption in energy?

Early 1980s coal-fired power accounted for 80% of UK electricity.

By 2012, 40% of UK electricity was still coal.

Amber Rudd told the world in 2015 that the UK will end its coal-powered power generation within 10 years.

Statista

Over the past decade, renewable energy and natural gas have steadily replaced coal as a cheaper, cleaner alternative.

Carbon taxes and the growth of solar and wind energy have further slowed the use of coal.

National Grid’s Electricity System Operator data shows that in 2023, coal will only account for 1% of UK electricity.

The UK is not the only country to see this trend. Across the Organisation for Economic Co-operation and Development, coal power has halved from its peak in 2007. 27 out of 38 members states have pledged to phase coal out by 2030.

Wind and solar power now account for over half of the UK’s electricity production.

The share of gas, which was a minor player in the industry, increased from 28% to 34%.

Future of UK Energy and Challenges in Reducing Gas Consumption

As it strives for its 2030 net-zero energy generation goal, the UK government faces an additional challenge: further reducing their gas usage.

Tony Bosworth is a Friends of the Earth campaigner who stressed the need to move beyond coal and natural gas.

Priority now must be given to moving away from the gas, and developing the UK’s vast homegrown renewable energy resources as quickly as possible. This will also bring about an economic boom. This vital transition to green energy must also be equitable, protecting workers while benefiting the communities.

The newly elected Labour government took steps already to speed up this transition. These included the creation of GB Energy, a state owned energy investment company and the lifting of the ban on onshore wind project in England.

The government has awarded contracts to build new solar and wind farms that will generate electricity for up to 11 million households.

Ed Miliband, the Energy Secretary has stated that the move to cleaner energy does not only address the climate change crisis, but it also ensures energy independence.

Gas prices increased after Russia invaded Ukraine, resulting in higher consumer bills for 2022-2023. This reinforced the need to diversify energy sources.

Jess Ralston is the head of Energy at Energy and Climate Intelligence Unit.

During the current gas crisis, British citizens have suffered from an overreliance on gas to heat their homes and for electric power. The British public is eager to shift from fossil fuels to renewables not just to lower emissions, but also to stabilize the energy price.

The closure of Ratcliffe-on-Soar marks a turning point for Britain’s energy transition. It paves the way to a future powered entirely by renewables.

The post UK’s Last Coal Power Plant at Ratcliffe-on-Soar Shuts Down: Why It Matters may be updated as new developments unfold.

This site is for entertainment only. Click here to read more

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