The UK is reducing the number of coalmines by 97% which is causing a further import of 45m tonnes, composed for the majority of steam coal used mainly by electricity generators. In terms of gas, with a demand running at 67 mtoe, the UK has a considerable import requirement. On the other hand, renewables are fully sourced and produced locally due to a considerable amount of wind farms and hydroelectric schemes located in the UK.
The impact of energy imports on the balance of payments and the growing energy security risk are key points which have to be considered, as highlighted by the Digest of UK Energy Statistics (DUKES) 2012. The cost of all energy imports in 2012 accounted at £24 billion represents 41% of the total balance of payments deficit.
Furthermore, energy imports could cause both economic and clear security risks especially due to a large proportion of oil is imported from countries such as Russia, Qatar and the African OPEC countries (Nigeria, Libya and Angola). For example, in the Saudi Arabia countries, in addition to political risks, the domestic oil demand could match production by 2038, causing serious implications for both the global oil market and the economy of the country.
Energy management programs as well as sustainability polices help to reduce energy consumption and consequently also the amount of resources required. Additionally, it is necessary that organizations acquire creative thinking as well as innovative engineering design and financial models. Local energy production and energy storage have to be considered as a key issue in the economic growth of a country.
Syntegra Consulting is a leading energy consulting company in the UK- for further information about UK energy imports, please telephone +44(0)8450091625 or e-mail: email@example.com.