In this Insurance Institute of London (IIL) property lecture Antony Froggatt will talk about the challenges of managing an ageing infrastructure in the power sector in the midst of rapid systematic change.
Much of the global electricity is produced by large, often old, centralised coal and nuclear power plants. However, for economic and/or environmental reasons these are being phase out and replaced by renewables, in particular solar and wind, and/or gas fired power stations, which have different production characteristics.
The removal of fossil fuelled power plants is driven by a need to rapidly decarbonise in order to meet internationally agreed emissions reduction targets. However, decarbonisation is also affecting the transportation and heating sectors, leading to the increased use of electricity.
New mechanisms are needed to manage electricity supply loads and efficiently integrate a larger number of supply options and users. This raises new technology and regulatory challenges.
By the end of this lecture members would have gained an insight into:
• The current status of UK and global power infrastructure, how does it function and how old is it?
• What will power the electricity system of the future and how will it function differently
• The regulatory and operational challenges during the transformation of the energy sector
Simon Warren ACII, Senior Property Underwriter, AIG.