Emma Pinchbeck

I would argue that China and a lot of the Asian economies are electrifying very quickly, are leaders.

I think over the last few years, we've started to see data points, for example, from China that show that their electric vehicle rollout is starting to eat into their oil demand.

They've been building coal-fired power stations, but many of them will be mothballed.

They're not getting money through them through their equivalent of our capacity market, which procures power plant out for security supply reasons in the future because that market's being eaten into by their renewables fleet now.

There is a fascinating economic model coming from China where they are building energy resilience through electrification.

as well as in all of the above strategy, but it's they're going for electrification because they think they can own that bit of the economy.

And the thing I was going to say is, what's the argument for us doing it in the UK?

Well, it's that.

I can give you the climate answer, which is, you know, 40 to 130 billion of avoided impacts.

Yeah.

I always used to think in my last job, when the energy sector is saying we think the fuel of the future is electricity, standing in the way of that is kind of like the people that looked at steam engines and thought, nah, I'll stick with the plough, thanks.

Electric vehicle sales.

We think at household level, by the way, there's a cost of living crisis and that hasn't gone anywhere.

Debt on the energy suppliers books is higher than it was in 2022.

People can't pay their energy bills, which is the point of this conversation.

But if you have solar PV and a battery today, a typical household will save money.

If you drive an electric vehicle today, you will be saving money.

If you have a heat pump and a battery and a solar panel and a flexible tariff, you will save money today.

If we did something about electricity prices in this country by moving the levees off, just that move alone, households start to save money.

And then if there is another price shock, a household with these technologies then versus carrying on as we are is 15 times less exposed.