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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  National Grid plc    NG.   GB00BDR05C01

NATIONAL GRID PLC

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UK needs hydrogen, carbon capture to meet net zero goal, National Grid says

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07/27/2020 | 05:21am EDT
FILE PHOTO: Wind turbines are seen as people stroll along Redcar beach, Britain

Britain's goal of achieving net zero emissions by mid-century is achievable but immediate action is needed across a range of technologies including carbon capture and storage (CCS), electricity grid operator National Grid said.

Last year Britain became the first major economy to pass a law to bring all greenhouse gas emissions to net zero by 2050, compared with its previous target of at least an 80% reduction from 1990 levels.

"Reaching net zero carbon emissions by 2050 is achievable. However, it requires immediate action across all key technologies and policy areas, and full engagement across society and end consumers," National Grid said in its annual Future Energy Scenarios report.

"Hydrogen and carbon capture and storage must be deployed for net zero," it added. "Industrial-scale demonstration projects need to be operational this decade."

Hydrogen as a fuel has been gaining traction but the number of projects using "green" hydrogen - made from renewable energy - are quite few and costly.

CCS - which traps emissions and buries them underground - is also not at the commercialisation stage.

Last month, Norwegian oil firm Equinor said it planned to build a plant in Britain to produce hydrogen from natural gas in combination with CCS.

Other requirements for meeting net zero set out by National Grid include: power sector emissions to be negative by 2033; at least 40 gigawatts (GW) of new power capacity connected to the electricity system within the next 10 years; and the energy required to heat an average house needs to drop to a quarter of what it is today.

At least 3 GW of wind and 1.4 GW of solar power need to be built every year from now until 2050 and up to 80% of households need to smart charge their electric vehicles, it added.

By Nina Chestney

Stocks mentioned in the article
ChangeLast1st jan.
EQUINOR ASA -0.14% 143.5 Delayed Quote.-18.23%
LONDON BRENT OIL -0.44% 44.94 Delayed Quote.-31.33%
NATIONAL GRID PLC -0.67% 891.8 Delayed Quote.-4.90%
WTI -0.68% 41.785 Delayed Quote.-31.22%
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Financials
Sales 2021 15 132 M 19 787 M 19 787 M
Net income 2021 1 786 M 2 335 M 2 335 M
Net Debt 2021 31 682 M 41 428 M 41 428 M
P/E ratio 2021 17,6x
Yield 2021 5,52%
Capitalization 31 557 M 41 429 M 41 264 M
EV / Sales 2021 4,18x
EV / Sales 2022 4,27x
Nbr of Employees 23 069
Free-Float 92,5%
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 1 004,30 GBX
Last Close Price 898,00 GBX
Spread / Highest target 25,5%
Spread / Average Target 11,8%
Spread / Lowest Target -10,9%
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John Mark Pettigrew Chief Executive Officer & Executive Director
Peter Oliver Gershon Chairman
Andrew Jonathan Agg Chief Financial Officer & Executive Director
Adriana Karaboutis Group Chief Information & Digital Officer
Paul Golby Independent Non-Executive Director
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E.ON SE3.72%30 509