BEGIN:VCALENDAR PRODID:-//Columba Systems Ltd//NONSGML CPNG/SpringViewer/ICal Output/3.3- M3//EN VERSION:2.0 CALSCALE:GREGORIAN METHOD:PUBLISH BEGIN:VEVENT DTSTAMP:20150902T142001Z DTSTART:20150930T150000Z DTEND:20150930T163000Z SUMMARY:SCI Seminar Series - Dr Ronan Bolton - Reducing uncertainty and m anaging risk: How incumbent actors are creating low carbon investment op portunities in the UK electricity sector UID:{http://www.columbasystems.com/customers/uom/gpp/eventid/}mr7-i3r1elc g-odd55c DESCRIPTION:Abstract\n\nIn 2008 the UK introduced the Climate Change Act which set a legally binding target of 80% reduction in GHC emissions by 2050 from 1990 levels. System modelling studies indicate that a radical decarbonisation of electricity generation by 2030 is a necessary first s tep to a wider transition to a low carbon economy\, as there are greater challenges perceived for decarbonising other energy intensive sectors s uch as heat and transport (CCC\, 2013). However\, low carbon electricity technologies\, because of their relative immaturity\, capital intensity and low operational costs\, do not readily fit with existing electricit y markets and investment templates which were designed for fossil fuel b ased energy. In this talk I will analyse key electricity market reforms and infrastructure policies in the UK\, and highlight how these are aime d at making low carbon technologies ‘investable’ by reducing uncertainty \, managing investment risks\, and repositioning actors within the elect ricity socio-technical ‘regime’. \n\nThe empirical study investigates UK government initiatives to reconfigure electricity markets to create inv estment certainty for centralised low carbon electricity technologies – notably in ‘mature’ technologies such as nuclear\, biomass conversion an d onshore wind\, but also less mature forms of generation such as offsho re wind and CCS. An important ambition of these initiatives has been to attract finance from institutional investors such as pension funds who h ave not traditionally been involved in direct financing of electricity g eneration\, thus potentially altering the established relationships betw een government\, energy utilities and investors which has characterised the liberalised electricity ‘regime’ in the UK. An underpinning rationa le for this low carbon investment orientated strategy is that it will re duce the UK’s exposure to volatility in global fossil fuel markets and g ive certainty to investors that the UK is committed to a low carbon path way\, thus reducing the cost of capital of large infrastructure investme nt. \n\nThe study is framed through the lens of transitions theory which seeks to account for the transformations of resource intensive socio-te chnical systems which support the delivery of societal services such as electricity\, heating\, shelter\, and transport (Steward\, 2012). This b ody of literature has however been criticised for adopting a ‘niche-bias ’ which over-emphasises the role of disruptive innovations and bottom-up change processes\, and views incumbent actors as largely static and res istive to change (Winskel and Radcliffe\, 2014\, Smith et al.\, 2005). A n in-depth discussion of issues of risk and uncertainty in the context o f socio-technical systems\, it will be argued argued\, can provide new i nsights into how incumbent regime actors embedded in existing markets an d systems are shaping socio-technical change. Placing the analytical foc us on investment and incumbency uncovers underlying issues shaping the p olitics of energy transitions\; for example\; the societal distribution of investment risks and returns from long term capital investments\, how institutions mediate the balance between private returns and wider soci etal benefits from low carbon investments\, and how market and regulator y reforms limit or enable participation in socio-technical transitions.\ n\nRonan is an interdisciplinary energy researcher working as Lecturer i n science\, technology and innovation studies (STIS) at the School of So cial and Political Science\, University of Edinburgh. He has an undergra duate degree in mechanical engineering and completed a PhD in energy pol icy at the Sustainability Research Institute in Leeds. \n\nHis work exam ines the policy\, market and regulatory challenges of transforming high carbon energy systems and enabling the deployment and diffusion of low c arbon technologies and practices. Drawing from science and technology st udies\, innovation studies\, and governance perspectives\, he is interes ted in the changing relationships between regulators\, government\, ener gy companies\, users and local authorities in the governance of energy s ystems in the UK and internationally. \n\nRonan is part of the Energy an d Society Research Group at the University of Edinburgh which brings tog ether energy research in sociology\, STIS\, social anthropology and poli tical science: http://www.sps.ed.ac.uk/research/research_centres/cross_s chool_research_clusters/energy_and_society_research_group STATUS:TENTATIVE TRANSP:TRANSPARENT CLASS:PUBLIC LOCATION:Room 10.05\, Harold Hankins Building\, Oxford Road\, Manchester\ , M13 9PL END:VEVENT END:VCALENDAR