A new report published by UK-based Lloyd’s Register Group has found that low-carbon technologies are currently cost-competitive with fossil fuels and other low-carbon innovations across the power generation sector.
Entitled 'Lloyd’s Register Technology Radar – Low Carbon’, the new study evaluates the insights and opinions regarding nuclear, renewables, energy storage, and grid and infrastructure.
The research was carried out with respondents from the global power sector, as well as 600 professionals and experts, including utilities, distributors, operators and equipment manufacturers.
Lloyd’s Register energy director Alasdair Buchanan said: “We are very encouraged by the findings, which highlight not only a growing optimism across the industry but a vigorous and intelligent debate about the pathways to decarbonisation.
“Clearly, there are many uncertainties about exactly how the industry will evolve, but what is inarguable is that the conversation is no longer about 'should we?' but 'how should we do it?'."
The major findings of the research state that low-carbon generation technologies are cost-competitive, with nuclear being one of the cheapest options for power generation when lifecycle costs are considered.
According to the research, solar cell technology is expected to have a significant impact on low-carbon power production, while the small modular reactors (SMRs) are predicted to display greater potential in smaller grids and isolated markets.
While it is expected that underlying modularisation technology will have a greater impact on the power sector, nuclear will contribute to the energy mix for the foreseeable future.
As believed by several respondents, software advances will soon be adopted for power transmission and distribution, while electrical technologies will be used for energy storage rather than mechanical storage or chemical technology.