MNI China Daily Summary: Friday, July 19

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Disappointing data but no market reaction

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National Grid Outlines Changes to Meet UK Net Zero Goal

POWER
Homepagemarkets-real-timeBulletUKBank Of England (BOE) Market News

The UK’s National Grid has suggested focusing on electrification of sectors and heavy industry, prioritising the use of hydrogen or implementing a mixture of both for the UK to meet its 2050 net-zero target, it said in a report.

  • In all scenarios, the UK decarbonises its generation mix, with coal-fired output ending later this year and the UK Labour Party wanting to halt unabated gas-fired generation by 2030- five years sooner than the previous government's deadline, according to Bloomberg.
  • But “decisive action” is needed within the next two years to reach the 2050 net-zero target, according to NG. These include delivering market reforms, focusing on energy efficiency improvements, investment in the supply chain and prioritising the use of hydrogen to name a few.
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The UK’s National Grid has suggested focusing on electrification of sectors and heavy industry, prioritising the use of hydrogen or implementing a mixture of both for the UK to meet its 2050 net-zero target, it said in a report.

  • In all scenarios, the UK decarbonises its generation mix, with coal-fired output ending later this year and the UK Labour Party wanting to halt unabated gas-fired generation by 2030- five years sooner than the previous government's deadline, according to Bloomberg.
  • But “decisive action” is needed within the next two years to reach the 2050 net-zero target, according to NG. These include delivering market reforms, focusing on energy efficiency improvements, investment in the supply chain and prioritising the use of hydrogen to name a few.