<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML
style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"
xmlns="http://www.w3.org/1999/xhtml"><HEAD><TITLE></TITLE>
<META content="text/html; charset=utf-8" http-equiv=Content-Type><!--[if !mso]><!-->
<META content=IE=edge http-equiv=X-UA-Compatible><!--<![endif]-->
<META name=viewport content=width=device-width>
<STYLE type=text/css>
@media Unknown
{
.column {
}
.wrapper {
MIN-WIDTH: 600px !important
}
.wrapper H1 {
}
.wrapper H1 {
LINE-HEIGHT: 36px !important; FONT-SIZE: 28px !important
}
.wrapper H2 {
}
.wrapper H2 {
LINE-HEIGHT: 31px !important; FONT-SIZE: 22px !important
}
.wrapper H3 {
}
.wrapper H3 {
LINE-HEIGHT: 26px !important; FONT-SIZE: 18px !important
}
.wrapper .size-8 {
LINE-HEIGHT: 14px !important; FONT-SIZE: 8px !important
}
.wrapper .size-8-m {
LINE-HEIGHT: 14px !important; FONT-SIZE: 8px !important
}
.wrapper .size-8-l {
LINE-HEIGHT: 14px !important; FONT-SIZE: 8px !important
}
.wrapper .size-8-m {
LINE-HEIGHT: 16px !important
}
.wrapper .size-8-l {
LINE-HEIGHT: 24px !important
}
.wrapper .size-9 {
LINE-HEIGHT: 16px !important; FONT-SIZE: 9px !important
}
.wrapper .size-9-m {
LINE-HEIGHT: 16px !important; FONT-SIZE: 9px !important
}
.wrapper .size-9-l {
LINE-HEIGHT: 16px !important; FONT-SIZE: 9px !important
}
.wrapper .size-9-m {
LINE-HEIGHT: 18px !important
}
.wrapper .size-9-l {
LINE-HEIGHT: 27px !important
}
.wrapper .size-10 {
LINE-HEIGHT: 18px !important; FONT-SIZE: 10px !important
}
.wrapper .size-10-m {
LINE-HEIGHT: 18px !important; FONT-SIZE: 10px !important
}
.wrapper .size-10-l {
LINE-HEIGHT: 18px !important; FONT-SIZE: 10px !important
}
.wrapper .size-10-m {
LINE-HEIGHT: 20px !important
}
.wrapper .size-10-l {
LINE-HEIGHT: 30px !important
}
.wrapper .size-11 {
LINE-HEIGHT: 19px !important; FONT-SIZE: 11px !important
}
.wrapper .size-11-m {
LINE-HEIGHT: 19px !important; FONT-SIZE: 11px !important
}
.wrapper .size-11-l {
LINE-HEIGHT: 19px !important; FONT-SIZE: 11px !important
}
.wrapper .size-11-m {
LINE-HEIGHT: 22px !important
}
.wrapper .size-11-l {
LINE-HEIGHT: 33px !important
}
.wrapper .size-12 {
LINE-HEIGHT: 19px !important; FONT-SIZE: 12px !important
}
.wrapper .size-12-m {
LINE-HEIGHT: 19px !important; FONT-SIZE: 12px !important
}
.wrapper .size-12-l {
LINE-HEIGHT: 19px !important; FONT-SIZE: 12px !important
}
.wrapper .size-12-m {
LINE-HEIGHT: 24px !important
}
.wrapper .size-12-l {
LINE-HEIGHT: 36px !important
}
.wrapper .size-13 {
LINE-HEIGHT: 21px !important; FONT-SIZE: 13px !important
}
.wrapper .size-13-m {
LINE-HEIGHT: 21px !important; FONT-SIZE: 13px !important
}
.wrapper .size-13-l {
LINE-HEIGHT: 21px !important; FONT-SIZE: 13px !important
}
.wrapper .size-13-m {
LINE-HEIGHT: 26px !important
}
.wrapper .size-13-l {
LINE-HEIGHT: 39px !important
}
.wrapper .size-14 {
LINE-HEIGHT: 21px !important; FONT-SIZE: 14px !important
}
.wrapper .size-14-m {
LINE-HEIGHT: 21px !important; FONT-SIZE: 14px !important
}
.wrapper .size-14-l {
LINE-HEIGHT: 21px !important; FONT-SIZE: 14px !important
}
.wrapper .size-14-m {
LINE-HEIGHT: 28px !important
}
.wrapper .size-14-l {
LINE-HEIGHT: 42px !important
}
.wrapper .size-15 {
LINE-HEIGHT: 23px !important; FONT-SIZE: 15px !important
}
.wrapper .size-15-m {
LINE-HEIGHT: 23px !important; FONT-SIZE: 15px !important
}
.wrapper .size-15-l {
LINE-HEIGHT: 23px !important; FONT-SIZE: 15px !important
}
.wrapper .size-15-m {
LINE-HEIGHT: 30px !important
}
.wrapper .size-15-l {
LINE-HEIGHT: 45px !important
}
.wrapper .size-16 {
LINE-HEIGHT: 24px !important; FONT-SIZE: 16px !important
}
.wrapper .size-16-m {
LINE-HEIGHT: 24px !important; FONT-SIZE: 16px !important
}
.wrapper .size-16-l {
LINE-HEIGHT: 24px !important; FONT-SIZE: 16px !important
}
.wrapper .size-16-m {
LINE-HEIGHT: 32px !important
}
.wrapper .size-16-l {
LINE-HEIGHT: 48px !important
}
.wrapper .size-17 {
LINE-HEIGHT: 26px !important; FONT-SIZE: 17px !important
}
.wrapper .size-17-m {
LINE-HEIGHT: 26px !important; FONT-SIZE: 17px !important
}
.wrapper .size-17-l {
LINE-HEIGHT: 26px !important; FONT-SIZE: 17px !important
}
.wrapper .size-17-m {
LINE-HEIGHT: 34px !important
}
.wrapper .size-17-l {
LINE-HEIGHT: 51px !important
}
.wrapper .size-18 {
LINE-HEIGHT: 26px !important; FONT-SIZE: 18px !important
}
.wrapper .size-18-m {
LINE-HEIGHT: 26px !important; FONT-SIZE: 18px !important
}
.wrapper .size-18-l {
LINE-HEIGHT: 26px !important; FONT-SIZE: 18px !important
}
.wrapper .size-18-m {
LINE-HEIGHT: 36px !important
}
.wrapper .size-18-l {
LINE-HEIGHT: 54px !important
}
.wrapper .size-20 {
LINE-HEIGHT: 28px !important; FONT-SIZE: 20px !important
}
.wrapper .size-20-m {
LINE-HEIGHT: 28px !important; FONT-SIZE: 20px !important
}
.wrapper .size-20-l {
LINE-HEIGHT: 28px !important; FONT-SIZE: 20px !important
}
.wrapper .size-20-m {
LINE-HEIGHT: 40px !important
}
.wrapper .size-20-l {
LINE-HEIGHT: 60px !important
}
.wrapper .size-22 {
LINE-HEIGHT: 31px !important; FONT-SIZE: 22px !important
}
.wrapper .size-22-m {
LINE-HEIGHT: 31px !important; FONT-SIZE: 22px !important
}
.wrapper .size-22-l {
LINE-HEIGHT: 31px !important; FONT-SIZE: 22px !important
}
.wrapper .size-22-m {
LINE-HEIGHT: 44px !important
}
.wrapper .size-22-l {
LINE-HEIGHT: 66px !important
}
.wrapper .size-24 {
LINE-HEIGHT: 32px !important; FONT-SIZE: 24px !important
}
.wrapper .size-24-m {
LINE-HEIGHT: 32px !important; FONT-SIZE: 24px !important
}
.wrapper .size-24-l {
LINE-HEIGHT: 32px !important; FONT-SIZE: 24px !important
}
.wrapper .size-24-m {
LINE-HEIGHT: 48px !important
}
.wrapper .size-24-l {
LINE-HEIGHT: 72px !important
}
.wrapper .size-26 {
LINE-HEIGHT: 34px !important; FONT-SIZE: 26px !important
}
.wrapper .size-26-m {
LINE-HEIGHT: 34px !important; FONT-SIZE: 26px !important
}
.wrapper .size-26-l {
LINE-HEIGHT: 34px !important; FONT-SIZE: 26px !important
}
.wrapper .size-26-m {
LINE-HEIGHT: 52px !important
}
.wrapper .size-26-l {
LINE-HEIGHT: 78px !important
}
.wrapper .size-28 {
LINE-HEIGHT: 36px !important; FONT-SIZE: 28px !important
}
.wrapper .size-28-m {
LINE-HEIGHT: 36px !important; FONT-SIZE: 28px !important
}
.wrapper .size-28-l {
LINE-HEIGHT: 36px !important; FONT-SIZE: 28px !important
}
.wrapper .size-28-m {
LINE-HEIGHT: 56px !important
}
.wrapper .size-28-l {
LINE-HEIGHT: 84px !important
}
.wrapper .size-30 {
LINE-HEIGHT: 38px !important; FONT-SIZE: 30px !important
}
.wrapper .size-30-m {
LINE-HEIGHT: 38px !important; FONT-SIZE: 30px !important
}
.wrapper .size-30-l {
LINE-HEIGHT: 38px !important; FONT-SIZE: 30px !important
}
.wrapper .size-30-m {
LINE-HEIGHT: 60px !important
}
.wrapper .size-30-l {
LINE-HEIGHT: 90px !important
}
.wrapper .size-32 {
LINE-HEIGHT: 40px !important; FONT-SIZE: 32px !important
}
.wrapper .size-32-m {
LINE-HEIGHT: 40px !important; FONT-SIZE: 32px !important
}
.wrapper .size-32-l {
LINE-HEIGHT: 40px !important; FONT-SIZE: 32px !important
}
.wrapper .size-32-m {
LINE-HEIGHT: 64px !important
}
.wrapper .size-32-l {
LINE-HEIGHT: 96px !important
}
.wrapper .size-34 {
LINE-HEIGHT: 43px !important; FONT-SIZE: 34px !important
}
.wrapper .size-34-m {
LINE-HEIGHT: 43px !important; FONT-SIZE: 34px !important
}
.wrapper .size-34-l {
LINE-HEIGHT: 43px !important; FONT-SIZE: 34px !important
}
.wrapper .size-34-m {
LINE-HEIGHT: 68px !important
}
.wrapper .size-34-l {
LINE-HEIGHT: 102px !important
}
.wrapper .size-36 {
LINE-HEIGHT: 43px !important; FONT-SIZE: 36px !important
}
.wrapper .size-36-m {
LINE-HEIGHT: 43px !important; FONT-SIZE: 36px !important
}
.wrapper .size-36-l {
LINE-HEIGHT: 43px !important; FONT-SIZE: 36px !important
}
.wrapper .size-36-m {
LINE-HEIGHT: 72px !important
}
.wrapper .size-36-l {
LINE-HEIGHT: 108px !important
}
.wrapper .size-40 {
LINE-HEIGHT: 47px !important; FONT-SIZE: 40px !important
}
.wrapper .size-40-m {
LINE-HEIGHT: 47px !important; FONT-SIZE: 40px !important
}
.wrapper .size-40-l {
LINE-HEIGHT: 47px !important; FONT-SIZE: 40px !important
}
.wrapper .size-40-m {
LINE-HEIGHT: 80px !important
}
.wrapper .size-40-l {
LINE-HEIGHT: 120px !important
}
.wrapper .size-44 {
LINE-HEIGHT: 50px !important; FONT-SIZE: 44px !important
}
.wrapper .size-44-m {
LINE-HEIGHT: 50px !important; FONT-SIZE: 44px !important
}
.wrapper .size-44-l {
LINE-HEIGHT: 50px !important; FONT-SIZE: 44px !important
}
.wrapper .size-44-m {
LINE-HEIGHT: 88px !important
}
.wrapper .size-44-l {
LINE-HEIGHT: 132px !important
}
.wrapper .size-48 {
LINE-HEIGHT: 54px !important; FONT-SIZE: 48px !important
}
.wrapper .size-48-m {
LINE-HEIGHT: 54px !important; FONT-SIZE: 48px !important
}
.wrapper .size-48-l {
LINE-HEIGHT: 54px !important; FONT-SIZE: 48px !important
}
.wrapper .size-48-m {
LINE-HEIGHT: 96px !important
}
.wrapper .size-48-l {
LINE-HEIGHT: 144px !important
}
.wrapper .size-56 {
LINE-HEIGHT: 60px !important; FONT-SIZE: 56px !important
}
.wrapper .size-56-m {
LINE-HEIGHT: 60px !important; FONT-SIZE: 56px !important
}
.wrapper .size-56-l {
LINE-HEIGHT: 60px !important; FONT-SIZE: 56px !important
}
.wrapper .size-56-m {
LINE-HEIGHT: 112px !important
}
.wrapper .size-56-l {
LINE-HEIGHT: 168px !important
}
.wrapper .size-64 {
LINE-HEIGHT: 68px !important; FONT-SIZE: 64px !important
}
.wrapper .size-64-m {
LINE-HEIGHT: 68px !important; FONT-SIZE: 64px !important
}
.wrapper .size-64-l {
LINE-HEIGHT: 68px !important; FONT-SIZE: 64px !important
}
.wrapper .size-64-m {
LINE-HEIGHT: 128px !important
}
.wrapper .size-64-l {
LINE-HEIGHT: 192px !important
}
.wrapper .size-72 {
LINE-HEIGHT: 76px !important; FONT-SIZE: 72px !important
}
.wrapper .size-72-m {
LINE-HEIGHT: 76px !important; FONT-SIZE: 72px !important
}
.wrapper .size-72-l {
LINE-HEIGHT: 76px !important; FONT-SIZE: 72px !important
}
.wrapper .size-72-m {
LINE-HEIGHT: 144px !important
}
.wrapper .size-72-l {
LINE-HEIGHT: 216px !important
}
.wrapper .size-80 {
LINE-HEIGHT: 84px !important; FONT-SIZE: 80px !important
}
.wrapper .size-80-m {
LINE-HEIGHT: 84px !important; FONT-SIZE: 80px !important
}
.wrapper .size-80-l {
LINE-HEIGHT: 84px !important; FONT-SIZE: 80px !important
}
.wrapper .size-80-m {
LINE-HEIGHT: 160px !important
}
.wrapper .size-80-l {
LINE-HEIGHT: 240px !important
}
.wrapper .size-96 {
LINE-HEIGHT: 100px !important; FONT-SIZE: 96px !important
}
.wrapper .size-96-m {
LINE-HEIGHT: 100px !important; FONT-SIZE: 96px !important
}
.wrapper .size-96-l {
LINE-HEIGHT: 100px !important; FONT-SIZE: 96px !important
}
.wrapper .size-96-m {
LINE-HEIGHT: 192px !important
}
.wrapper .size-96-l {
LINE-HEIGHT: 288px !important
}
.wrapper .size-112 {
LINE-HEIGHT: 116px !important; FONT-SIZE: 112px !important
}
.wrapper .size-112-m {
LINE-HEIGHT: 116px !important; FONT-SIZE: 112px !important
}
.wrapper .size-112-l {
LINE-HEIGHT: 116px !important; FONT-SIZE: 112px !important
}
.wrapper .size-112-m {
LINE-HEIGHT: 224px !important
}
.wrapper .size-112-l {
LINE-HEIGHT: 336px !important
}
.wrapper .size-128 {
LINE-HEIGHT: 132px !important; FONT-SIZE: 128px !important
}
.wrapper .size-128-m {
LINE-HEIGHT: 132px !important; FONT-SIZE: 128px !important
}
.wrapper .size-128-l {
LINE-HEIGHT: 132px !important; FONT-SIZE: 128px !important
}
.wrapper .size-128-m {
LINE-HEIGHT: 256px !important
}
.wrapper .size-128-l {
LINE-HEIGHT: 384px !important
}
.wrapper .size-144 {
LINE-HEIGHT: 148px !important; FONT-SIZE: 144px !important
}
.wrapper .size-144-m {
LINE-HEIGHT: 148px !important; FONT-SIZE: 144px !important
}
.wrapper .size-144-l {
LINE-HEIGHT: 148px !important; FONT-SIZE: 144px !important
}
.wrapper .size-144-m {
LINE-HEIGHT: 288px !important
}
.wrapper .size-144-l {
LINE-HEIGHT: 432px !important
}
}
</STYLE>
<META name=x-apple-disable-message-reformatting>
<STYLE type=text/css>
.main, .mso {
margin: 0;
padding: 0;
}
table {
border-collapse: collapse;
table-layout: fixed;
}
* {
line-height: inherit;
}
[x-apple-data-detectors] {
color: inherit !important;
text-decoration: none !important;
}
.wrapper .footer__share-button a:hover,
.wrapper .footer__share-button a:focus {
color: #ffffff !important;
}
.wrapper .footer__share-button a.icon-white:hover,
.wrapper .footer__share-button a.icon-white:focus {
color: #ffffff !important;
}
.wrapper .footer__share-button a.icon-black:hover,
.wrapper .footer__share-button a.icon-black:focus {
color: #000000 !important;
}
.btn a:hover,
.btn a:focus,
.footer__share-button a:hover,
.footer__share-button a:focus,
.email-footer__links a:hover,
.email-footer__links a:focus {
opacity: 0.8;
}
.preheader,
.header,
.layout,
.column {
transition: width 0.25s ease-in-out, max-width 0.25s ease-in-out;
}
.preheader td {
padding-bottom: 8px;
}
.layout,
div.header {
max-width: 400px !important;
-fallback-width: 95% !important;
width: calc(100% - 20px) !important;
}
div.preheader {
max-width: 360px !important;
-fallback-width: 90% !important;
width: calc(100% - 60px) !important;
}
.snippet,
.webversion {
Float: none !important;
}
.stack .column {
max-width: 400px !important;
width: 100% !important;
}
.fixed-width.has-border {
max-width: 402px !important;
}
.fixed-width.has-border .layout__inner {
box-sizing: border-box;
}
.snippet,
.webversion {
width: 50% !important;
}
.mso .layout__edges {
font-size: 0;
}
.layout-fixed-width,
.mso .layout-full-width {
background-color: #ffffff;
}
@media only screen and (min-width: 620px) {
.column,
.gutter {
display: table-cell;
Float: none !important;
vertical-align: top;
}
div.preheader,
.email-footer {
max-width: 560px !important;
width: 560px !important;
}
.snippet,
.webversion {
width: 280px !important;
}
div.header,
.layout,
.one-col .column {
max-width: 600px !important;
width: 600px !important;
}
.fixed-width.has-border,
.fixed-width.x_has-border,
.has-gutter.has-border,
.has-gutter.x_has-border {
max-width: 602px !important;
width: 602px !important;
}
.two-col .column {
max-width: 300px !important;
width: 300px !important;
}
.three-col .column,
.column.narrow,
.column.x_narrow {
max-width: 200px !important;
width: 200px !important;
}
.column.wide,
.column.x_wide {
width: 400px !important;
}
.two-col.has-gutter .column,
.two-col.x_has-gutter .column {
max-width: 290px !important;
width: 290px !important;
}
.three-col.has-gutter .column,
.three-col.x_has-gutter .column,
.has-gutter .narrow {
max-width: 188px !important;
width: 188px !important;
}
.has-gutter .wide {
max-width: 394px !important;
width: 394px !important;
}
.two-col.has-gutter.has-border .column,
.two-col.x_has-gutter.x_has-border .column {
max-width: 292px !important;
width: 292px !important;
}
.three-col.has-gutter.has-border .column,
.three-col.x_has-gutter.x_has-border .column,
.has-gutter.has-border .narrow,
.has-gutter.x_has-border .narrow {
max-width: 190px !important;
width: 190px !important;
}
.has-gutter.has-border .wide,
.has-gutter.x_has-border .wide {
max-width: 396px !important;
width: 396px !important;
}
}
@supports (display: flex) {
@media only screen and (min-width: 620px) {
.fixed-width.has-border .layout__inner {
display: flex !important;
}
}
}
/***
* Mobile Styles
*
* 1. Overriding inline styles
*/
@media(max-width: 619px) {
.email-flexible-footer .left-aligned-footer .column,
.email-flexible-footer .center-aligned-footer,
.email-flexible-footer .right-aligned-footer .column {
max-width: 100% !important; /* [1] */
text-align: center !important; /* [1] */
width: 100% !important; /* [1] */
}
.flexible-footer-logo {
margin-left: 0px !important; /* [1] */
margin-right: 0px !important; /* [1] */
}
.email-flexible-footer .left-aligned-footer .flexible-footer__share-button__container,
.email-flexible-footer .center-aligned-footer .flexible-footer__share-button__container,
.email-flexible-footer .right-aligned-footer .flexible-footer__share-button__container {
display: inline-block;
margin-left: 5px !important; /* [1] */
margin-right: 5px !important; /* [1] */
}
.email-flexible-footer__additionalinfo--center {
text-align: center !important; /* [1] */
}
.email-flexible-footer .left-aligned-footer table,
.email-flexible-footer .center-aligned-footer table,
.email-flexible-footer .right-aligned-footer table {
display: table !important; /* [1] */
width: 100% !important; /* [1] */
}
.email-flexible-footer .footer__share-button,
.email-flexible-footer .email-footer__additional-info {
margin-left: 20px;
margin-right: 20px;
}
}
@media only screen and (-webkit-min-device-pixel-ratio: 2), only screen and (min--moz-device-pixel-ratio: 2), only screen and (-o-min-device-pixel-ratio: 2/1), only screen and (min-device-pixel-ratio: 2), only screen and (min-resolution: 192dpi), only screen and (min-resolution: 2dppx) {
.fblike {
background-image: url(http://i7.cmail19.com/static/eb/master/13-the-blueprint-3/images/fblike@2x.png) !important;
}
.tweet {
background-image: url(http://i8.cmail19.com/static/eb/master/13-the-blueprint-3/images/tweet@2x.png) !important;
}
.linkedinshare {
background-image: url(http://i9.cmail19.com/static/eb/master/13-the-blueprint-3/images/lishare@2x.png) !important;
}
.forwardtoafriend {
background-image: url(http://i10.cmail19.com/static/eb/master/13-the-blueprint-3/images/forward@2x.png) !important;
}
}
@media (max-width: 321px) {
.fixed-width.has-border .layout__inner {
border-width: 1px 0 !important;
}
.layout,
.stack .column {
min-width: 320px !important;
width: 320px !important;
}
.border {
display: none;
}
.has-gutter .border {
display: table-cell;
}
}
.cmctbl--inline table {
border-collapse: collapse;
}
</STYLE>
<!--[if !mso]><!-->
<STYLE type=text/css>
@import url(https://fonts.googleapis.com/css?family=Montserrat:400,700,400italic,700italic);
</STYLE>
<LINK rel=stylesheet type=text/css
href="https://fonts.googleapis.com/css?family=Montserrat:400,700,400italic,700italic"><!--<![endif]-->
<STYLE type=text/css>
.main,.mso{background-color:#fff}.logo a:hover,.logo a:focus{color:#1e2e3b !important}.footer-logo a:hover,.footer-logo a:focus{color:#372d1b !important}.mso .layout-has-border{border-top:1px solid #ccc;border-bottom:1px solid #ccc}.mso .layout-has-bottom-border{border-bottom:1px solid #ccc}.mso .border{background-color:#ccc}.mso h1{}.mso h1{font-size:28px !important;line-height:36px !important}.mso h2{}.mso h2{font-size:22px !important;line-height:31px !important}.mso h3{}.mso h3{font-size:18px !important;line-height:26px !important}.mso .layout__inner{}.mso .footer__share-button p{}.mso .footer__share-button p{font-family:Montserrat,DejaVu Sans,Verdana,sans-serif}
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<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">At the start of 2016, in an
article noting some exciting changes in British energy, The Conversation
published the <A
style="COLOR: #202020; TEXT-DECORATION: underline; transition: opacity 0.1s ease-in"
href="https://theconversationuk.cmail19.com/t/r-l-titdktdy-nljldnkrt-r/">following
paragraph</A>:</P>
<BLOCKQUOTE
style="BORDER-LEFT: #ccc 4px solid; MARGIN: 20px 0px 0px; PADDING-LEFT: 14px">
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 20px">Wind, solar and hydro –
the weather-dependent renewables – together generated 14.6% of Great
Britain’s electrical energy in 2015, the highest ever annual amount.
Wind stormed (literally) past the 2014 record to break through the 10%
milestone. Solar more than doubled to 2.5%.</P></BLOCKQUOTE>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">Eight years on, those
numbers look tiny. Wind is now up to 29% and solar has doubled again. In
2015, coal still generated a quarter of British electricity, but last year
it was down to 1%. Indeed the same author, energy analyst Grant Wilson,
recently noted that 2023 was the first ever year when Britain would get
more electricity from renewables than fossil fuels.</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">You’re reading the Imagine
newsletter – a weekly synthesis of academic insight on solutions to
climate change, brought to you by The Conversation. I’m Will de Freitas,
energy and environment editor, covering for my colleague Jack Marley, who
is hiding in a decommissioned coal power plant. This week, we’re focusing
on rapid changes in electricity generation – and what happens next.</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">If you include electricity
generated by “biomass” plants (which burn wood pellets, often imported
from forests in America) then, as Wilson notes along with his University
of Birmingham colleagues Joseph Day and Katarina Pegg, <A
style="COLOR: #202020; TEXT-DECORATION: underline; transition: opacity 0.1s ease-in"
href="https://theconversationuk.cmail19.com/t/r-l-titdktdy-nljldnkrt-y/">renewables
actually first overtook fossil fuels in Britain in 2020</A>.</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">“Trees can of course be
regrown, so biomass counts as renewable,” they write. “But the industry
has its critics and it’s not globally scalable in the same way as the
‘weather-dependent’ renewables: wind, solar and, to a certain degree,
hydro power.”</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">In other words, if
everyone started burning wood pellets for electricity we’d soon run into
major problems, whereas one country installing more wind turbines or solar
panels doesn’t mean there is less wind or sun left for others. They are
effectively infinite resources.</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">That’s why
“weather-dependent” renewables are more appropriate for a global
transition, and why 2023 was such a significant milestone year for
Britain.</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">However, this transition
may be grinding to a halt. Britain’s electricity decarbonisation is mostly
thanks to wind power getting cheaper and cheaper. But what happens if it’s
suddenly not cheap anymore?</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">Phil McNally, an
electricity markets researcher at UCL, wrote in September last year about
the <A
style="COLOR: #202020; TEXT-DECORATION: underline; transition: opacity 0.1s ease-in"
href="https://theconversationuk.cmail19.com/t/r-l-titdktdy-nljldnkrt-j/">failure
of the latest round of “auctions”</A> to bring forward any new
offshore wind projects. “Consequently,” he writes, “the government’s own
target of achieving 50 gigawatts of offshore wind capacity by 2030 is
hanging by a thread, and investor confidence has hit a new low.”</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">But this isn’t because the
technology itself has become more expensive. Indeed, “offshore wind
remains one of the cheapest and most suitable technologies available to
the UK”. Rather, McNally explains:</P>
<BLOCKQUOTE
style="BORDER-LEFT: #ccc 4px solid; MARGIN: 20px 0px 0px; PADDING-LEFT: 14px">
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 20px">The primary factor
driving up the cost of delivering a new offshore wind project mirrors a
predicament that is currently facing us all – inflation has made things
more expensive to buy and money more expensive to borrow. The rate at
which prices are rising is starting to fall, but remains significantly
above where it was two years ago. For those involved in the construction
of an offshore wind farm, this means the cost of both the physical parts
(such as the turbines) and the debt (bank loans) has gone
up.</P></BLOCKQUOTE>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">This isn’t specific to
wind power – prices have gone up for new gas or solar plants too. But
given electricity generation is a must, “what truly matters is the
relative cost, and offshore wind remains cheap relative to other
technologies”.</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">McNally also notes that
the supply chain – the companies that provide everything from turbine
blades to installation vessels or trained engineers – has been slow to
catch up with demand and can therefore command higher prices.</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">Given these economic and
supply chain issues, he says the UK government should focus on producing a
long-term delivery plan for the offshore wind sector that “includes the
amount of offshore wind it wishes to procure in each auction, delivering
confidence to industry and allowing the development of a healthy supply
chain”. In addition:</P>
<BLOCKQUOTE
style="BORDER-LEFT: #ccc 4px solid; MARGIN: 20px 0px 0px; PADDING-LEFT: 14px">
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 20px">It could also include
standardisation of technology to maximise further cost reductions and
accelerate delivery. And it should […] make auction caps more reflective
of current costs, so that consumers do not miss out on the cheapest
forms of electricity.</P></BLOCKQUOTE>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">The companies that
generate Britain’s electricity are doing well, at least. Michael Grubb and
Serguey Maximov Gajardo at UCL estimate the total annual revenue to
British electricity generating stations <A
style="COLOR: #202020; TEXT-DECORATION: underline; transition: opacity 0.1s ease-in"
href="https://theconversationuk.cmail19.com/t/r-l-titdktdy-nljldnkrt-t/">increased
by £29 billion</A> as a result of the 2022 energy crisis.</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">“The indications are that
these revenues increased by about twice as much as overall generation
costs,” they write. While “getting at the numbers is not easy”, their
research backs up the widely believed view that firms generating
electricity from gas were able to exploit a global increase in gas
prices.</P>
<BLOCKQUOTE
style="BORDER-LEFT: #ccc 4px solid; MARGIN: 20px 0px 0px; PADDING-LEFT: 14px">
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 20px">Since these companies’
costs shot up following the start of the Ukraine war, it seems no
surprise that their prices did too. We estimate their total annual
revenue rose by about £13 billion, roughly trebling from the pre-COVID
average of £6.3 billion. But the evidence suggests this increase was, in
fact, much bigger than the increase in their costs.</P></BLOCKQUOTE>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">Renewable generators also
saw profits increase: “We estimate their revenue doubled from £7.7 billion
pre-COVID to £15.5 billion in 2022 – yet there is no reason to think their
costs increased.”</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">What happened? A lack of
real competition in a market where gas still sets the overall price of
electricity, combined with a decline in imports from mainland Europe
(which helped regulate prices) and a continent-wide gas shortage, meant
“electricity generators in Britain were able to raise prices further above
costs”.</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">And to go back to where we
started, Grubb and Gajardo point out:</P>
<BLOCKQUOTE
style="BORDER-LEFT: #ccc 4px solid; MARGIN: 20px 0px 0px; PADDING-LEFT: 14px">
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 20px">The real paradox is
that all this happened just as non-fossil sources, with stable costs,
started to account for more than half of Britain’s electricity (56% if
we include nuclear) … For how long can the declining fossil fuel tail
continue to wag the dog of Britain’s renewables-based electricity
system?</P></BLOCKQUOTE>
<P
style="LINE-HEIGHT: 24px; MARGIN-TOP: 20px; MARGIN-BOTTOM: 20px; FONT-SIZE: 16px"
lang=x-size-16 class=size-16><EM>- Will de Freitas, Environment
Editor</EM></P></DIV></DIV>
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href="https://theconversationuk.cmail19.com/t/r-l-titdktdy-nljldnkrt-i/"
data-emb-iscopy="true">Subscribe to
Imagine.</A></STRONG></SPAN></EM></P></DIV></DIV>
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style="LINE-HEIGHT: 15px; FONT-SIZE: 15px; mso-line-height-rule: exactly"> </DIV>
<DIV
style="MIN-WIDTH: 320px; MARGIN: 0px auto; WIDTH: 320px; MAX-WIDTH: 600px; WORD-WRAP: break-word; overflow-wrap: break-word"
class="layout one-col fixed-width stack">
<DIV
style="BACKGROUND-COLOR: #ffffff; WIDTH: 100%; DISPLAY: table; BORDER-COLLAPSE: collapse"
class=layout__inner><!--[if mso]><table align="center" cellpadding="0" cellspacing="0" role="presentation"><tr class="layout-fixed-width" style="background-color: #ffffff;"><td style="width: 600px" class="w560"><![endif]-->
<DIV
style="TEXT-ALIGN: left; LINE-HEIGHT: 24px; FONT-FAMILY: Montserrat,DejaVu Sans,Verdana,sans-serif; COLOR: #202020; FONT-SIZE: 16px"
class=column>
<DIV
style="LINE-HEIGHT: 19px; FONT-STYLE: normal; FONT-SIZE: 12px; FONT-WEIGHT: normal"
align=center><IMG
style="BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; DISPLAY: block; MAX-WIDTH: 668px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: auto; BORDER-LEFT-WIDTH: 0px"
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alt=""
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width=600> </DIV>
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<DIV
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<P
style="LINE-HEIGHT: 28px; MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 20px"
lang=x-size-24 class=size-24><A
style="COLOR: #202020; TEXT-DECORATION: underline; transition: opacity 0.1s ease-in"
class=underline
href="https://theconversationuk.cmail19.com/t/r-l-titdktdy-nljldnkrt-d/"><STRONG>Britain
likely to generate more electricity from wind, solar and hydro than fossil
fuels for the first year ever in 2023</STRONG></A></P>
<P
style="LINE-HEIGHT: 24px; MARGIN-TOP: 20px; MARGIN-BOTTOM: 20px; FONT-SIZE: 16px"
lang=x-size-16 class=size-16>An important milestone set to be passed – if
it remains windy.</P></DIV></DIV>
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<DIV style="TEXT-ALIGN: left; MARGIN-BOTTOM: 20px"
class="btn btn--flat btn--small"><!--[if !mso]><!--><A
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href="https://theconversationuk.cmail19.com/t/r-l-titdktdy-nljldnkrt-h/">Read
more</A><!--<![endif]--><!--[if mso]><p style="line-height:0;margin:0;"> </p><v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" href="https://theconversationuk.cmail19.com/t/r-l-titdktdy-nljldnkrt-h/" style="width:65.25pt" arcsize="13%" fillcolor="#29339B" stroke="f"><v:textbox style="mso-fit-shape-to-text:t" inset="0pt,3.75pt,0pt,3.75pt"><center style="font-size:11px;line-height:19px;color:#FFFFFF;font-family:Montserrat,DejaVu Sans,Verdana,sans-serif;font-weight:bold;mso-line-height-rule:exactly;mso-text-raise:1.25px">Read more</center></v:textbox></v:roundrect><![endif]-->
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<DIV
style="LINE-HEIGHT: 2px; BACKGROUND-COLOR: #ccc; WIDTH: 40px; DISPLAY: block; MARGIN-LEFT: auto; FONT-SIZE: 2px; MARGIN-RIGHT: auto"
class=divider></DIV></DIV></DIV><!--[if mso]></td></tr></table><![endif]--></DIV></DIV>
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style="LINE-HEIGHT: 20px; FONT-SIZE: 20px; mso-line-height-rule: exactly"> </DIV>
<DIV
style="MIN-WIDTH: 320px; MARGIN: 0px auto; WIDTH: 320px; MAX-WIDTH: 600px; WORD-WRAP: break-word; overflow-wrap: break-word"
class="layout fixed-width stack">
<DIV
style="BACKGROUND-COLOR: #ffffff; WIDTH: 100%; DISPLAY: table; BORDER-COLLAPSE: collapse"
class=layout__inner><!--[if mso]><table align="center" cellpadding="0" cellspacing="0" role="presentation"><tr class="layout-fixed-width" style="background-color: #ffffff;"><td style="width: 200px" valign="top" class="w160"><![endif]-->
<DIV
style="MIN-WIDTH: 200px; TEXT-ALIGN: left; LINE-HEIGHT: 24px; WIDTH: 320px; FONT-FAMILY: Montserrat,DejaVu Sans,Verdana,sans-serif; MAX-WIDTH: 320px; FLOAT: left; COLOR: #202020; FONT-SIZE: 16px"
class="column narrow">
<DIV style="MARGIN: 12px 20px">
<DIV
style="LINE-HEIGHT: 19px; FONT-STYLE: normal; FONT-SIZE: 12px; FONT-WEIGHT: normal"
align=center><IMG
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alt=""
src="https://images.theconversation.com/files/107376/original/image-20160106-14955-lwg5c4.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=668"
width=160> </DIV></DIV></DIV><!--[if mso]></td><td style="width: 400px" valign="top" class="w360"><![endif]-->
<DIV
style="MIN-WIDTH: 320px; TEXT-ALIGN: left; LINE-HEIGHT: 24px; WIDTH: 320px; FONT-FAMILY: Montserrat,DejaVu Sans,Verdana,sans-serif; MAX-WIDTH: 400px; FLOAT: left; COLOR: #202020; FONT-SIZE: 16px"
class="column wide">
<DIV style="MARGIN-TOP: 12px; MARGIN-LEFT: 20px; MARGIN-RIGHT: 20px">
<DIV
style="VERTICAL-ALIGN: middle; mso-line-height-rule: exactly; mso-text-raise: 11px">
<P
style="TEXT-ALIGN: left; LINE-HEIGHT: 24px; MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 16px"
lang=x-size-16 class=size-16><A
style="COLOR: #202020; TEXT-DECORATION: underline; transition: opacity 0.1s ease-in"
class=underline
href="https://theconversationuk.cmail19.com/t/r-l-titdktdy-nljldnkrt-k/"><STRONG>Six
energy records Britain broke last year</STRONG></A></P>
<H3
style="TEXT-ALIGN: left; LINE-HEIGHT: 24px; FONT-STYLE: normal; MARGIN-TOP: 20px; MARGIN-BOTTOM: 12px; COLOR: #202020; FONT-SIZE: 16px; FONT-WEIGHT: normal"
lang=x-size-16 class=size-16><SPAN style="COLOR: #202020">Numerous
milestones have been reached over the past year as the coal is ditched for
lower-carbon alternatives.</SPAN></H3></DIV></DIV>
<DIV style="MARGIN-BOTTOM: 12px; MARGIN-LEFT: 20px; MARGIN-RIGHT: 20px">
<DIV style="TEXT-ALIGN: left" class="btn btn--flat btn--small"><!--[if !mso]><!--><A
style="TEXT-ALIGN: center; PADDING-BOTTOM: 6px; LINE-HEIGHT: 19px; BACKGROUND-COLOR: #29339b; PADDING-LEFT: 12px; PADDING-RIGHT: 12px; DISPLAY: inline-block; FONT-FAMILY: Montserrat, DejaVu Sans, Verdana, sans-serif; COLOR: #ffffff !important; FONT-SIZE: 11px; FONT-WEIGHT: bold; TEXT-DECORATION: none !important; PADDING-TOP: 6px; transition: opacity 0.1s ease-in; border-radius: 4px"
href="https://theconversationuk.cmail19.com/t/r-l-titdktdy-nljldnkrt-u/">Read
more</A><!--<![endif]--><!--[if mso]><p style="line-height:0;margin:0;"> </p><v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" href="https://theconversationuk.cmail19.com/t/r-l-titdktdy-nljldnkrt-u/" style="width:65.25pt" arcsize="13%" fillcolor="#29339B" stroke="f"><v:textbox style="mso-fit-shape-to-text:t" inset="0pt,3.75pt,0pt,3.75pt"><center style="font-size:11px;line-height:19px;color:#FFFFFF;font-family:Montserrat,DejaVu Sans,Verdana,sans-serif;font-weight:bold;mso-line-height-rule:exactly;mso-text-raise:1.25px">Read more</center></v:textbox></v:roundrect><![endif]-->
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style="LINE-HEIGHT: 20px; FONT-SIZE: 20px; mso-line-height-rule: exactly"> </DIV>
<DIV
style="MIN-WIDTH: 320px; MARGIN: 0px auto; WIDTH: 320px; MAX-WIDTH: 600px; WORD-WRAP: break-word; overflow-wrap: break-word"
class="layout fixed-width stack">
<DIV
style="BACKGROUND-COLOR: #ffffff; WIDTH: 100%; DISPLAY: table; BORDER-COLLAPSE: collapse"
class=layout__inner><!--[if mso]><table align="center" cellpadding="0" cellspacing="0" role="presentation"><tr class="layout-fixed-width" style="background-color: #ffffff;"><td style="width: 200px" valign="top" class="w160"><![endif]-->
<DIV
style="MIN-WIDTH: 200px; TEXT-ALIGN: left; LINE-HEIGHT: 24px; WIDTH: 320px; FONT-FAMILY: Montserrat,DejaVu Sans,Verdana,sans-serif; MAX-WIDTH: 320px; FLOAT: left; COLOR: #202020; FONT-SIZE: 16px"
class="column narrow">
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<DIV
style="LINE-HEIGHT: 19px; FONT-STYLE: normal; FONT-SIZE: 12px; FONT-WEIGHT: normal"
align=center><IMG
style="BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; DISPLAY: block; MAX-WIDTH: 480px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: auto; BORDER-LEFT-WIDTH: 0px"
alt=""
src="https://images.theconversation.com/files/549575/original/file-20230921-19-70nwgr.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=668"
width=160> </DIV></DIV></DIV><!--[if mso]></td><td style="width: 400px" valign="top" class="w360"><![endif]-->
<DIV
style="MIN-WIDTH: 320px; TEXT-ALIGN: left; LINE-HEIGHT: 24px; WIDTH: 320px; FONT-FAMILY: Montserrat,DejaVu Sans,Verdana,sans-serif; MAX-WIDTH: 400px; FLOAT: left; COLOR: #202020; FONT-SIZE: 16px"
class="column wide">
<DIV style="MARGIN-TOP: 12px; MARGIN-LEFT: 20px; MARGIN-RIGHT: 20px">
<DIV
style="VERTICAL-ALIGN: middle; mso-line-height-rule: exactly; mso-text-raise: 11px">
<P
style="TEXT-ALIGN: left; LINE-HEIGHT: 24px; MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 16px"
lang=x-size-16 class=size-16><A
style="COLOR: #202020; TEXT-DECORATION: underline; transition: opacity 0.1s ease-in"
class=underline
href="https://theconversationuk.cmail19.com/t/r-l-titdktdy-nljldnkrt-o/"><STRONG>Offshore
wind: a perfect storm of inflation and policy uncertainty risks derailing
the UK’s main hope for a low-carbon future</STRONG></A></P>
<H3
style="TEXT-ALIGN: left; LINE-HEIGHT: 24px; FONT-STYLE: normal; MARGIN-TOP: 20px; MARGIN-BOTTOM: 12px; COLOR: #202020; FONT-SIZE: 16px; FONT-WEIGHT: normal"
lang=x-size-16 class=size-16><SPAN style="COLOR: #202020">The government
wants offshore wind to form the backbone of the UK's future electricity
system – but a key auction has delivered no new
projects.</SPAN></H3></DIV></DIV>
<DIV style="MARGIN-BOTTOM: 12px; MARGIN-LEFT: 20px; MARGIN-RIGHT: 20px">
<DIV style="TEXT-ALIGN: left" class="btn btn--flat btn--small"><!--[if !mso]><!--><A
style="TEXT-ALIGN: center; PADDING-BOTTOM: 6px; LINE-HEIGHT: 19px; BACKGROUND-COLOR: #29339b; PADDING-LEFT: 12px; PADDING-RIGHT: 12px; DISPLAY: inline-block; FONT-FAMILY: Montserrat, DejaVu Sans, Verdana, sans-serif; COLOR: #ffffff !important; FONT-SIZE: 11px; FONT-WEIGHT: bold; TEXT-DECORATION: none !important; PADDING-TOP: 6px; transition: opacity 0.1s ease-in; border-radius: 4px"
href="https://theconversationuk.cmail19.com/t/r-l-titdktdy-nljldnkrt-b/">Read
more</A><!--<![endif]--><!--[if mso]><p style="line-height:0;margin:0;"> </p><v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" href="https://theconversationuk.cmail19.com/t/r-l-titdktdy-nljldnkrt-b/" style="width:65.25pt" arcsize="13%" fillcolor="#29339B" stroke="f"><v:textbox style="mso-fit-shape-to-text:t" inset="0pt,3.75pt,0pt,3.75pt"><center style="font-size:11px;line-height:19px;color:#FFFFFF;font-family:Montserrat,DejaVu Sans,Verdana,sans-serif;font-weight:bold;mso-line-height-rule:exactly;mso-text-raise:1.25px">Read more</center></v:textbox></v:roundrect><![endif]-->
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style="LINE-HEIGHT: 20px; FONT-SIZE: 20px; mso-line-height-rule: exactly"> </DIV>
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style="MIN-WIDTH: 320px; MARGIN: 0px auto; WIDTH: 320px; MAX-WIDTH: 600px; WORD-WRAP: break-word; overflow-wrap: break-word"
class="layout fixed-width stack">
<DIV
style="BACKGROUND-COLOR: #ffffff; WIDTH: 100%; DISPLAY: table; BORDER-COLLAPSE: collapse"
class=layout__inner><!--[if mso]><table align="center" cellpadding="0" cellspacing="0" role="presentation"><tr class="layout-fixed-width" style="background-color: #ffffff;"><td style="width: 200px" valign="top" class="w160"><![endif]-->
<DIV
style="MIN-WIDTH: 200px; TEXT-ALIGN: left; LINE-HEIGHT: 24px; WIDTH: 320px; FONT-FAMILY: Montserrat,DejaVu Sans,Verdana,sans-serif; MAX-WIDTH: 320px; FLOAT: left; COLOR: #202020; FONT-SIZE: 16px"
class="column narrow">
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<DIV
style="LINE-HEIGHT: 19px; FONT-STYLE: normal; FONT-SIZE: 12px; FONT-WEIGHT: normal"
align=center><IMG
style="BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; DISPLAY: block; MAX-WIDTH: 480px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: auto; BORDER-LEFT-WIDTH: 0px"
alt=""
src="https://images.theconversation.com/files/529316/original/file-20230531-23-28jc5b.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=668"
width=160> </DIV></DIV></DIV><!--[if mso]></td><td style="width: 400px" valign="top" class="w360"><![endif]-->
<DIV
style="MIN-WIDTH: 320px; TEXT-ALIGN: left; LINE-HEIGHT: 24px; WIDTH: 320px; FONT-FAMILY: Montserrat,DejaVu Sans,Verdana,sans-serif; MAX-WIDTH: 400px; FLOAT: left; COLOR: #202020; FONT-SIZE: 16px"
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<DIV style="MARGIN-TOP: 12px; MARGIN-LEFT: 20px; MARGIN-RIGHT: 20px">
<DIV
style="VERTICAL-ALIGN: middle; mso-line-height-rule: exactly; mso-text-raise: 11px">
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><A
style="COLOR: #202020; TEXT-DECORATION: underline; transition: opacity 0.1s ease-in"
class=underline
href="https://theconversationuk.cmail19.com/t/r-l-titdktdy-nljldnkrt-p/"><STRONG>Energy
generators’ soaring revenues highlight deep problems in the way Britain
prices its electricity</STRONG></A></P>
<P
style="TEXT-ALIGN: left; LINE-HEIGHT: 24px; MARGIN-TOP: 20px; MARGIN-BOTTOM: 20px; FONT-SIZE: 16px"
lang=x-size-16 class=size-16><SPAN style="COLOR: #202020">British
electricity generators saw their revenues increase by £29 billion in
2022 – here's why that happened.</SPAN></P></DIV></DIV>
<DIV style="MARGIN-BOTTOM: 12px; MARGIN-LEFT: 20px; MARGIN-RIGHT: 20px">
<DIV style="TEXT-ALIGN: left" class="btn btn--flat btn--small"><!--[if !mso]><!--><A
style="TEXT-ALIGN: center; PADDING-BOTTOM: 6px; LINE-HEIGHT: 19px; BACKGROUND-COLOR: #29339b; PADDING-LEFT: 12px; PADDING-RIGHT: 12px; DISPLAY: inline-block; FONT-FAMILY: Montserrat, DejaVu Sans, Verdana, sans-serif; COLOR: #ffffff !important; FONT-SIZE: 11px; FONT-WEIGHT: bold; TEXT-DECORATION: none !important; PADDING-TOP: 6px; transition: opacity 0.1s ease-in; border-radius: 4px"
href="https://theconversationuk.cmail19.com/t/r-l-titdktdy-nljldnkrt-x/">Read
more</A><!--<![endif]--><!--[if mso]><p style="line-height:0;margin:0;"> </p><v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" href="https://theconversationuk.cmail19.com/t/r-l-titdktdy-nljldnkrt-x/" style="width:65.25pt" arcsize="13%" fillcolor="#29339B" stroke="f"><v:textbox style="mso-fit-shape-to-text:t" inset="0pt,3.75pt,0pt,3.75pt"><center style="font-size:11px;line-height:19px;color:#FFFFFF;font-family:Montserrat,DejaVu Sans,Verdana,sans-serif;font-weight:bold;mso-line-height-rule:exactly;mso-text-raise:1.25px">Read more</center></v:textbox></v:roundrect><![endif]-->
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