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  • January 2016
01

Wind power generated more electricity than coal in 2016 to set new record

Open-access content Friday 6th January 2017 — updated 5.50pm, Wednesday 29th April 2020

The UK generated more energy from wind than coal for the first time over a full calendar year in 2016, according to analysts at Carbon Brief.

2


Their estimates show that wind turbines contributed to 11.5% of power generation over the last 12 months in comparison to 9.2% from coal plants - its lowest output level since 1935.

This news follows plans set out by the Department for Business, Energy and Industrial Strategy last November to close all coal-fired power stations by the end of 2025, with three shut down last year.

RenewableUK executive director, Emma Pinchbeck, said: "This is a historic and exciting change to our power infrastructure.

"As old-fashioned coal is phased out, modern technologies like wind are stepping up to make sure consumers have reliable energy without the damaging health impacts of coal pollution - as well as delivering for the UK economy."

These latest estimates would also mean that CO2 emissions from power generation in the UK have fallen by around 20% in 2016, and by 6% for overall emissions over the year.

As well as stations closing, falling electricity demand and rising imports from continental Europe have been attributed to the fall in coal power generation, which is now down almost 80% since 2012.

The UK's annual electricity generation since 1920 by source:

Source: Carbon Brief

Approximately 68% of the UK's reduction in fossil-fuelled electricity since 2010 has been substituted with low-carbon sources, mainly renewables, according to the research, with CO2 emissions from electricity generation around half now what they were seven years ago.

"Renewables are helping traditional British companies find new opportunities as times change, with Siemens opening a massive factory in Hull, and Harland and Wolff in Belfast supplying steel foundations to the offshore wind industry," Pinchbeck continued.

"Globally, energy is shifting to renewables. Investors have seen the way the wind's blowing, with more than $300bn invested in clean energy last year and private companies divesting away from fossil fuels.

"The government should make a New Year's resolution to back renewables in its forthcoming Industrial Strategy, so that the UK can make the most of the exciting changes ahead".

This article appeared in our January 2016 issue of The Actuary .
Click here to view this issue

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Billions worth of investment lost due to 'inadequate' telecoms infrastructure

The UK is the worst country in Europe for availability of fiber broadband to the premise (FTTP) and ranked 54th in the world for 4G coverage, potentially costing the British economy billions of pounds.
Monday 16th January 2017
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Insurers lag behind other financial services in adopting digital technologies

It has been found that 58% of senior-level executives in the insurance industry believe they are behind other financial services on implementing digital technologies, according to Willis Towers Watson (WLTW).
Friday 20th January 2017
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Pension deficit more than trebles for UK's biggest listed firms

The combined accounting deficit of defined benefit (DB) pension schemes for FTSE350 companies more than trebled from £39bn at the end of 2015 to £137bn on 30 December 2016 according to consultancy firm Mercer.
Thursday 5th January 2017
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Pension funding deficits increased by £90bn in 2016

The deficit of defined benefit (DB) pension funds increased to £560bn at the end of last year, in comparison to £470bn at the start according to PricewaterhouseCoopers' (PwC) Skyval Index.
Monday 9th January 2017
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Only 8% of people speak to an advisor about their financial decisions

A recent survey by Aegon has found that only 8% of people in the UK speak to a financial advisor about the decisions they make, with 47% making them on their own.
Tuesday 10th January 2017
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'Urgent action' needed to address biggest risks to global development

Rising income equality and societal polarisation triggered by political change in 2016 could exacerbate risks worldwide if urgent action is not taken, according to the World Economic Forums’ (WEF) Global Risks Report 2017.
Wednesday 11th January 2017
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2

New tax-free Pension Advice Allowance announced

Savers will be able to access up to £1,500 tax-free from their pension pots for financial advice under new government rules set to come into effect this April.
Monday 6th February 2017
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New government strategy to get older people into work and boost pension pots by more than 50%

The Department for Work and Pensions (DWP) has outlined how a coalition of jobcentres and businesses can combine to support older workers to continue their careers or start new ones.
Friday 3rd February 2017
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More than £100bn lost through investing in cash ISAs

Money invested in cash individual savings accounts (ISAs) over the last 10 years would be worth £110bn more if it had been put into multi asset funds instead, according to a report from Royal London.
Thursday 2nd February 2017
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Blockchain technology and the trading of bitcoin were introduced in October 2008 in the famous paper by Satoshi Nakamoto.
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COVID-19 forum for actuaries launched

A forum for actuaries has been launched to help the profession come together and learn how best to respond to the deadly coronavirus sweeping the world.
Wednesday 25th March 2020
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Travel insurers expect record payouts this year

UK travel insurers expect to pay a record £275m to customers this year as coronavirus grounds flights across the world, the Association of British Insurers (ABI) has revealed.
Wednesday 25th March 2020
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Grim economic forecasts made as countries lockdown

A sharp recession is imminent in the vast majority of developed and emerging economies as the deadly coronavirus forces businesses to shut down across the world.
Tuesday 24th March 2020
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New tax-free Pension Advice Allowance announced

Savers will be able to access up to £1,500 tax-free from their pension pots for financial advice under new government rules set to come into effect this April.
Monday 6th February 2017
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New government strategy to get older people into work and boost pension pots by more than 50%

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Money invested in cash individual savings accounts (ISAs) over the last 10 years would be worth £110bn more if it had been put into multi asset funds instead, according to a report from Royal London.
Thursday 2nd February 2017
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