A cross-European decarbonised power sector: can we build it and can we afford it?
14 November 2012, 18:00, Savoy Place, London
Global warming and our current worldwide level of carbon emissions seem more and more evidently linked to each other. In order to stop this process, Europe set an economy-wide greenhouse gas reduction objective of 80–95% by 2050. Fulfilling this target basically means complete decarbonisation of the power sector – as any emissions allowed will used by aviation, shipping and agriculture – whilst also electrifying heat and transport.
In support of this objective, the European Climate Foundation (ECF) published Roadmap 2050: a fact-based practical guide to a prosperous, low carbon Europe. It showed that the transition to a fully reliable, fully decarbonised power sector by 2050 is a pre-condition for achieving the 80% economy-wide emissions reduction target. The study also established that full power sector decarbonisation is technically feasible and economically affordable.
But are we actually still on track towards full decarbonisation by 2050? That is the main focus of the recent publication ‘Power Perspectives 2030’. This study assesses existing plans for renewables and transmission grids up to 2020 and trajectories up to 2030. One of the conclusions is that we are still on track, but doubling of investments in low-carbon generation and a near doubling of (cross-European) electricity grid capacity are needed in the decade after 2020.
The key question for tonight’s debate is ‘A cross-European decarbonised power sector: can we build it and can we afford it?’. To answer this question we have invited:
• Rebecca Collyer, Deputy Director of the Power Programme of the European Climate Foundation
• Simon Wilde Senior Managing Director, Head of European Power & Utilities, Macquarie Capital
Both panellists will provide a brief 15 – 20 minutes presentation with their views after which the floor will be open to questions.
This event is sponsored by PA Consulting Group, website www.paconsulting.com
Rebecca Collyer, Deputy Director of the Power Programme of the European Climate Foundation - Rebecca joined ECF from the British Government where she worked in the Energy Group, in the Department for Business (BERR). She has ten years of direct policy experience working with the energy sector on Climate Change issues and is also an experienced EU policy maker having worked in the European Commission in Peter Mandelson’s Cabinet. From 2002 until 2005 Rebecca worked on a variety of economic portfolios within the British Government, including a period in the Cabinet Office, Economic and Domestic Affairs Secretariat where she led on Cabinet coordination of business, trade and energy issues.
Simon Wilde Senior Managing Director, Head of European Power & Utilities, Macquarie Capital –With over 20 years’ investment banking experience, 18 of which have been spent in the power sector, Mr Wilde has a deep industry knowledge and a broad client network in the energy sector. Mr Wilde has led numerous advisory assignments for his clients in this fast-changing sector, successfully closing to date over 30 M&A and ECM transactions – including advising Cheung Kong Infrastructure on its £5.8bn acquisition of EDF’s UK electricity distribution networks, Iberdrola on its £11bn acquisition of Scottish Power and a Macquarie-led consortium on its EUR 3.2bn acquisition of Open Grid Europe from E.ON AG. Renewable/sustainable energy is also a major and growing part of Macquarie’s activities, with recent transactions including the acquisition of Viridian’s Irish wind generation portfolio, providing capital to leading global developer Mainstream Renewable Power and advising Blue Transmission on the acquisition of the London Array, Walney and Sheringham Shoal UK offshore transmission assets.
To register for this event, visit the IET website at http://localevents.theiet.org/register.php?event=813125