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New Energy & Cleantech Awards 2014 unveils shortlist

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The shortlist for the New Energy & Cleantech Awards 2014 has been announced, recognising some of the most influential and exciting players in the future of renewable energy and clean technology.

Renewable energy developers, investors, entrepreneurs, and financiers are all nominated for gongs, ahead of the award ceremony to be held at the Park Plaza Victoria hotel in London on April 30 as the competition enters its seventh year.

There are 10 categories, with university spin outs and retailers also recognised. One winner will also take home the prestigious company of the year award.

Last year, the Yorkshire-based financier Ecology Building Society won the title. Other winners included Abundance Generation and Oxford Capital Partners.

This year’s nominees include the ethical bank Triodos, consulting giant PricewaterhouseCoopers (PwC) and retailer Marks & Spencer.

For a full list of nominated companies, see below.

Developer of the year

BAM Nuttall
Berkeley Group
BNP Paribas Real Estate
Derwent London
Land Securities
Linden Homes

Entrepreneur of the year

Peter Darwell – Eco2
Edward Green – Green Biologics
Julia Groves – Trillion Fund
Andrew Jones – Alquist
Adam Kingston – i2O Water
Steve Milner – Earthmill
Mark Robinson – APC Technology Group/Minimise
Sandra Sassow – SEAB Energy

University spin-out of the year

Anvil Semiconductors
Aqdot
Celtic Renewables
Econic Technologies
Recycling Technologies
Xeros

New energy champion

Commercial Group
Landmark
Memset
Portakabin
Skanska UK
Wye Valley Brewery

Innovator of the year

AMEE
Azuri Technologies
Buffalo Grid
Highview Power Storage
Loowatt
Surface Power HONE

Deal of the year

Evermore Renewable Energy – £20 million fundraising
Green Biologics – £15 million fundraising
Greencoat UK Wind – listing on AIM
Iceotope – £6 million fundraising
PVC Recycling – £500,000 fundraising
Solfex – sale to Travis Perkins

Investor of the year

Environmental Technologies Fund
Imperial Innovations
Low Carbon Innovation Fund
MTI Ventures
North West Fund for Energy & Environmental
Oxford Capital Partners

Retailer of the year

Aldi
John Lewis
Lidl
Marks & Spencer
Morrisons
Sainsbury’s
The Co-Operative Group

Advisory firm of the year

Grant Thornton
IDCM
N+1 Singer
PwC
Smith & Williamson
Taylor Wessing
WH Ireland

Financier of the year

Ecology Building Society
Foresight Group
Green Investment Bank
Pictet Asset Management
Santander
Triodos

Further reading:

Ecology scoops top gong at New Energy & Cleantech Awards 2013

New Energy & Cleantech Awards 2013: innovators prepare for London event

Shortlist revealed for New Energy & Cleantech Awards 2013

Energy

What Should We Make of The Clean Growth Strategy?

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Clean Growth Strategy for green energy
Shutterstock Licensed Photo - By sdecoret | https://www.shutterstock.com/g/sdecoret

It was hardly surprising the Clean Growth Strategy (CGS) was much anticipated by industry and environmentalists. After all, its publication was pushed back a couple of times. But with the document now in the public domain, and the Government having run a consultation on its content, what ultimately should we make of what’s perhaps one of the most important publications to come out of the Department for Business, Energy and the Industrial Strategy (BEIS) in the past 12 months?

The starting point, inevitably, is to decide what the document is and isn’t. It is, certainly, a lengthy and considered direction-setter – not just for the Government, but for business and industry, and indeed for consumers. While much of the content was favourably received in terms of highlighting ways to ensure clean growth, critics – not unjustifiably – suggested it was long on pages but short on detailed and finite policy commitments, accompanied by clear timeframes for action.

A Strategy, Instead of a Plan

But should we really be surprised? The answer, in all honesty, is probably not really. BEIS ministers had made no secret of the fact they would be publishing a ‘strategy’ as opposed to a ‘plan,’ and that gave every indication the CGS would set a direction of travel and be largely aspirational. The Government had consulted on its content, and will likely respond to the consultation during the course of 2018. And that’s when we might see more defined policy commitments and timeframes from action.

The second criticism one might level at the CGS is that indicated the use of ‘flexibilities’ to achieve targets set in the carbon budgets – essentially using past results to offset more recent failings to keep pace with emissions targets. Claire Perry has since appeared in front of the BEIS Select Committee and insisted she would be personally disappointed if the UK used flexibilities to fill the shortfall in meeting the fourth and fifth carbon budgets, but this is difficult ground for the Government. The Committee on Climate Change was critical of the proposed use of efficiencies, which would somewhat undermine ministers’ good intentions and commitment to clean growth – particularly set against November’s Budget, in which the Chancellor maintained the current carbon price floor (potentially giving a reprieve to coal) and introduced tax changes favourable to North Sea oil producers.

A 12 Month Green Energy Initiative with Real Teeth

But, there is much to appreciate and commend about the CGS. It fits into a 12-month narrative for BEIS ministers, in which they have clearly shown a commitment to clean growth, improving energy efficiency and cutting carbon emissions. Those 12 months have seen the launch of the Industrial Strategy – firstly in Green Paper form, which led to the launch of the Faraday Challenge, and then a White Paper in which clean growth was considered a ‘grand challenge’ for government. Throughout these publications – and indeed again with the CGS – the Government has shown itself to be an advocate of smart systems and demand response, including the development of battery technology.

Electrical Storage Development at Center of Broader Green Energy Push

While the Faraday Challenge is primarily focused on the development of batteries to support the proliferation of electric vehicles (which will support cuts to carbon emissions), it will also drive down technology costs, supporting the deployment of small and utility-scale storage that will fully harness the capability of renewables. Solar and wind made record contributions to UK electricity generation in 2017, and the development of storage capacity will help both reduce consumer costs and support decarbonisation.

The other thing the CGS showed us it that the Government is happy to be a disrupter in the energy market. The headline from the publication was the plans for legislation to empower Ofgem to cap the costs of Standard Variable Tariffs. This had been an aspiration of ministers for months, and there’s little doubt that driving down costs for consumers will be a trend within BEIS policy throughout 2018.

But the Government also seems happy to support disruption in the renewables market, as evidenced by the commitment (in the CGS) to more than half a billion pounds of investment in Pot 2 of Contracts for Difference (CfDs) – where the focus will be on emerging rather than established technologies.

This inevitably prompted ire from some within the industry, particularly proponents of solar, which is making an increasing contribution to the UK’s energy mix. But, again, we shouldn’t really be surprised. Since the subsidy cuts of 2015, ministers have given no indication or cause to think there will be public money afforded to solar development. Including solar within the CfD auction would have been a seismic shift in policy. And while ministers’ insistence in subsidy-free solar as the way forward has been shown to be based on a single project, we should expect that as costs continue to be driven down and solar makes record contributions to electricity generation, investment will follow – and there will ultimately be more subsidy-free solar farms, albeit perhaps not in 2018.

Meanwhile, by promoting emerging technologies like remote island wind, the Government appears to be favouring diversification and that it has a range of resources available to meet consumer demand. Perhaps more prescient than the decision to exclude established renewables from the CfD auction is the subsequent confirmation in the budget that Pot 2 of CfDs will be the last commitment of public money to renewable energy before 2025.

In short, we should view the CGS as a step in the right direction, albeit one the Government should be elaborating on in its consultation response. Its publication, coupled with the advancement this year of the Industrial Strategy indicates ministers are committed to the clean growth agenda. The question is now how the aspirations set out in the CGS – including the development of demand response capacity for the grid, and improving the energy efficiency of commercial and residential premises – will be realised.

It’s a step in the right direction. But, inevitably, there’s much more work to do.

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Energy

How Much Energy Does Bitcoin Use, Really?

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how much energy bitcoin requires
Shutterstock Licensed Photo - By Chinnapong | https://www.shutterstock.com/g/noipornpan

Many headlines have capitalized on the rapid rise of Bitcoin’s value. However, there’s a darker side of things that may entirely escape people’s awareness — the vast energy usage associated with Bitcoin mining. The practice involves adding information about transactions to a publicly accessible record called the blockchain.

Bitcoin miners increase the amounts of the cryptocurrency they own by being involved in mining. That means there is a built-in incentive to start mining and keep doing it. The energy consumption associated with mining may not be as visible as it is in traditional types of mining because everything happens in the digital realm — however, it’s exceptionally high, which is a cause of concern to many individuals in the know.

The Rise in Value Brings About Higher Energy Consumption

It’s not hard to find impressive headlines and news stories about how the value of Bitcoin has soared over the last few months. Many people even suspect they’ll soon witness the inevitable burst of a “Bitcoin bubble.” Miners are taking advantage of the current boom, though, which involves depending on power-sapping computers and related equipment.

In the early days of Bitcoin, it was possible to mine on basic home computer setups. Now, the most dedicated miners invest in the best computers around. In some cases, that means the machines they use are quite energy efficient, which is a good thing. However, the purchase of equipment that uses electricity well isn’t enough to make a significant dent in the overall Bitcoin energy usage.

The Approximate Energy Usage Statistics Vary

When you start doing in-depth research about just how much energy consumption Bitcoin demands, be prepared to come across many different figures. Although people are doing diligent research, they still can’t reach an agreement. For example, according to statistics from the Bitcoin Energy Consumption Index, the annual energy usage is just under 32 terawatt hours.

That’s the estimate for per-year energy use of Serbia and more than 150 other countries. However, analysts find it impossible to reach a unified conclusion about the per-transaction energy consumption for Bitcoins.

Figures from Digiconomist estimate one Bitcoin transaction takes 255 kilowatt-hours of power — or enough to power an American household for more than eight days. Marc Bevand, another analyst, disagrees with that figure, though his remarks on the matter are not as specific. He discusses how many of the highly publicized statistics fail to account for the technological innovations that occur as equipment improves.

He gives the example of an S9, which is a standard piece of Bitcoin equipment, claiming 16% of the S9’s revenues went towards electricity costs. If that figure is more accurate, it would mean each Bitcoin transaction uses enough power to keep an American residence going for just under four days.

Bitcoin Miners May Be Able to Branch Out From Cryptocurrency

Some Bitcoin miners are attracted to their trade for more reasons than just the lucrative and ballooning prices of the coins. People from a wide variety of industries, from banking to insurance, are looking at uses for blockchain technology. In the insurance sector, fraud costs $40 billion per year, but the verification method that miners understand and work with dramatically reduces fraud and makes blockchain appealing to insurance professionals.

Also, banks are increasingly researching Blockchain as a supplement to their current methods. As the prominence in the market goes up, the allure of being a Bitcoin miner does, too.

Also, going back to Bitcoin specifically, as the value of each coin goes up, people become more motivated than ever to invest in better technologies that help them remain profitable for as long as possible. When all these factors combine, it’s not hard to understand why energy consumption rises.

Do Banks Use More Energy Than Bitcoins?

Some analysts argue that even if the energy demanded by Bitcoins is exceptionally high, it’s still not at the level of energy used by banks. To keep things in perspective, it’s important to realize that the banking industry keeps its total energy usage figures under wraps, leaving people to do lots of speculating.

One analyst determined there are approximately 30,000 banks in the world, and each one has ATM networks, offices and other components that require electricity. When adding all the relevant factors together, the final figure this individual came up with is that banks use about 100 terawatts of power per year, less than the earlier-cited figure related to Bitcoins.

However, people have given opinions that the amount is too conservative. It does not include the energy used by bank employees, such as when employees drive to their offices or fly to meet clients. It bears mentioning, though, that the Bitcoin figures mentioned in this piece probably don’t either.

There are countless statistics about Bitcoin energy usage, and most of them are not promising. But instead of reading a few of them and immediately feeling shocked, it’s important for people to take a broad look at the findings and reach their own intelligent conclusions based on the collective research.

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