Based on modelling by the Energy Technologies Institute (ETI) the report shows that including CCS in the mix of technologies for power generation results in a 15 per cent reduction in the wholesale price of electricity compared with alternative scenarios in which CCS is not deployed.

This is equivalent to an additional 1 per cent on UK GDP if CCS is not deployed at all. The cost saving is mainly due to the fact that without CCS there is an increase of approximately 20–25 per cent in electricity generation capacity as well as a requirement for additional investment in electricity transmission capacity.

CCS would also bring economic benefits through additional jobs in construction and plant maintenance and running. The report estimates that around 15-20 thousand jobs could be created by 2030 depending on the scale of CCS adoption. The UK also has the potential to capitalise on expertise in the sector and develop a world-class domestic industry that can form the basis for meeting the anticipated high growth in the global CCS markets.

CCS is also vitally important to maintain the competitiveness of energy intensive industries such as steel, cement, chemicals and refining, for which it is the only technology that can further decarbonise the sector.

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Source: Carbon Capture Journal, 05 Februar 2014