FLEXIBLE ENERGY 'WILL DOMINATE FUTURE MARKET'
A combination of renewables, gas generation and power storage will dominate the energy market, according to a company boss
Alan Baker, of Forsa Energy, says flexible energy generation promises the best value for consumers and will lead the rapidly-changing energy market in the future.
Created from London-based Velocita Energy Developments and Scottish developer 2020 Renewables, bosses are said to have a portfolio of more than 750MW onshore wind and energy storage schemes.
The firm wants to develop, build and operate further gas, renewable and energy storage projects across the continent.
Mr Baker, a former head of 2020 Renewables and Velocita, said: "The market is changing so fast it is hard for government and regulators to keep up.
"The recent auction of offshore wind contracts - where costs have more than halved - shows that renewable energy projects will continue to get cheaper as long as there is a market for their power."
Storage technologies, the firm says, offers new options of how energy can be generated and managed and small-scale decentralised gas generation.
Mr Baker said low carbon renewable energy was cheaper than old coal-fired stations.
"This is just what future markets will need. Old coal-fired stations are closing down, we've got increasingly cheap but intermittent renewables, plus an electric vehicle revolution on the horizon - so we'll see lots of peaks and troughs in energy supply and demand," he said.
"Every country in Europe will need an energy mix that is low carbon and very responsive."
The company, whose current portfolio comprises 150 MW of consented and 225 MW of advanced development onshore wind and a fully-consented 400 MW pumped storage scheme.
Energy bosses believe the business can help drive down costs further.
Mr Baker added: "We've seen it in offshore wind and we think we can help onshore wind drive down their costs too."