World Energy Council downgrades the UK
The UK has been downgraded in the World Energy Council’s annual Energy Trilemma Index from AAA to AAB.
The annual index ranks of energy and climate policies of 130 countries, registers overall improvements across energy security, equity and sustainability.
The report states while the UK has maintained a stable position on its energy security score, it continues to face significant challenges in securing its future energy supply.
As a result, the UK remains on the report’s negative watch list.
“If the UK is to remain ahead of the pack, and regain its triple A positioning, the Government must give more predictability to investors in the way the electricity market reforms are progressed,” said the Executive Chair of the World Energy Trilemma study, Joan MacNaughton.
“More transparency is needed about the future approach to contracts for difference and the levy control framework.
“Despite the loss of its triple Ascore, the UK continues to lead most European countries on the energy trilemma.
“In addition the UK is well on its way to meeting its decarbonisation and renewables targets and remains a key player to guide the discussions on the long road from Paris.
“Two new countries have been added to the negative watch list which in 2014 included German, Italy, Japan and the UK.
“The countries are South Africa due to its electricity crisis, and the US where lack of investment in ageing infrastructure and exposure to extreme weather events pose threats to the country’s currently strong energy security performance in the Trilemma Index.
“The reports findings show that the best-performing nations tend to be developed countries with higher shares of energy coming from low- or zero-carbon energy sources supported by well-established energy efficiency programmes.”
Jamie Hailstone is a freelance journalist and author, specializing in local government, transport and energy issues