According to UBS, the world’s largest private bank, big power stations in Europe could be redundant within 10-20 years as electric cars, cheaper batteries and new solar technologies transform the way electricity is generated, stored and distributed.
In a report that should make all producers of energy take note, the Zurich-based UBS bank argues that large-scale, centralised power stations will soon become extinct because they are too big and inflexible, and are “not relevant” for future electricity generation. Instead, the authors expect it to be cheaper and more efficient for households and businesses to generate their own energy to power their cars and to store any surplus energy in their own buildings even without subsidies. Read the full Guardian article here.
Meanwhile, an article in the Daily Telegraph focuses on the problems of the oil industry and describes it as being ‘on borrowed time’ as more countries switch to solar and gas.
There is a clear narrative emerging here – renewable energy is becoming competitive around the world even without government subsidies, and more forward-thinking nations are already reconfiguring their energy strategy. Why can’t the UK do the same, instead of fracking for more fossil fuels, destroying our water, landscape and nature in the process.