MSc PETROLEUM ENGINEERING ...

MSc PETROLEUM ENGINEERING




PETROLEUM ECONOMICS




PETROLEUM ECONOMICS COURSEWORK




BY OLUSANMI OMOGBEJA (QUESTION 2)









Table of Contents
Abstract 2

Introduction 2
Background 2

Policies 2

Nuclear Energy 3

Recommendations 4
A proven answer 4
Existing policies are not enough 5
Working alongside existing policies 5

References 6

Appendix 7
ABSTRACT
A target of 60% reduction in carbon dioxide emissions by 2050, and 20% (15% UK) energy from renewable sources by 2020; targets set by the UK Government in conjunction with the EU.
Currently, only 2% of the UK’s energy is from renewable, of which 5% is from electricity, couple with a decline of 7.5% in carbon dioxide emissions from 1990-2000, (achieved by switching from coal to gas as source of energy, couple with increase in power station efficiencies as a result of improvements in technology), but is still below the targets set.
INTRODUCTION
Climate change and environmental concerns along with recession is the biggest challenge facing mankind as at now, with emphasis been made especially regarding renewable energy sources and/or any method that can reduce carbon emission and greenhouse gases.
Since early 1990s, the UK has had a renewable delivery program known as the Renewable Non-Fossil Fuel Obligation (NFFO) and more recently in 2002, the Renewables Obligation (RO).
The aim of NFFO is assist in the subsidisation of nuclear generation, was previously difficult to operate privately and the RO was set up to overturn the rules of the NFFO (Mitchell and Connor, 2004). Both programs were set up in order to achieve 60% reduction in carbon dioxide emissions by 2050, and 20% (15% UK) energy from renewable sources by 2020; targets set by the UK Government in conjunction with the EU.
Background
Table 1 and 2 is the breakdown of UK energy consumption, where domestic building is the major primary energy assumption sector. Although, there is a decline of 7.5% in carbon dioxide emissions from 1990-2000, this was achieved by switching from coal to gas as source of energy, couple with increase in power station efficiencies as a result of improvements in technology)(Toke and Oliver). And currently, only 2% of the UK’s energy is from renewable, of which 5% is from electricity, but is still below the targets set.
The government has played and will still play a major in achieving the emission set targets (60 % reduction in carbon dioxide emissions and 15% of energy from renewable sources).
To achieve these targets, policies were implemented to monitor, assist and measure the rate of growth of the stated emission objectives. ...