UK serves key role in saving EU from energy crisis says expert

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By the mid-2040s, it should be able to deliver about 30GW of continuous clean power straight from space pace. Martin Soltau, Space Business Partner, Frazer-Nash Consultancy, Co-Chair Space Energy Initiative, told Express.co.uk that this could “provide 30 percent of the UK’s (greatly increased) electricity demand”.

As well as helping to slash the UK’s dependence on fossil fuels as the Government tries to races to net zero by 2050, Mr Soltau also said space-baased solar power (SBSP) that this could be a highly profitable endeavour, which also has the potential to create thousands of jobs.

He said: “Once in operation, the high yield, low cost of electricity and its favourable characteristics providing both baseload and flexible generation, will make SBSP a highly profitable revenue source for the operating companies, and offering the potential of a healthy return to investors, including the Government.

“At least 143,000 job-years will be supported by a UK-based SBSP system, the equivalent of 5,700 high value jobs over a 25 year period.

“Additionally there are strong spill-over benefits in technology such as Wireless Power Transmission, autonomous assembly robotic systems, driving new industries and opportunities.”

This comes as the UK has been scrambling to slash its dependency on gas imports as energy bills continue to soar for millions of Britons.

This is expected to get worse as countries look to slash ties with Russia, a major exporter of oil and gas, which will likely hike prices up further.

While Britain only gets around five percent of its gas from Russia, lower supplies in the international market sends prices soaring globally.

This is where the Space Energy Initiative can step in, as in the future in can provide an alternative source of clean energy left unaffected by international markets.

Mr Soltau said: “The UK is a leader in pursuing decarbonisation policy with the Net Zero commitment.

“There is strong ambition to substantially grow our space sector and space capabilities, and the SEI has provided a strong market and societal purpose to lend direction to these ambitions.”

The project is now seeking an initial £75million investment to cover the first two years of development, building to £300million over five years.

Mr Soltau said: “Energy security is ever more important, and we will look to work with our natural partners to raise funding, develop the international regulations and standards, and develop technology.”

And he said that it could help Britain to establish itself as a key player in the space sector.

Mr Soltau told Express.co.uk: “SBSP could really catapult the UK into being a dominant player in space, in terms of technology, industrial and scientific capability and expertise.

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“This is a huge opportunity should we choose to take it.”

He also noted that Elon Musk’s SpaceX could help out.

He said: “The development of SBSP will provide a huge market for reusable launch, and this will accelerate development of new systems and launch capacity.

“SpaceX Starship is a transformational capability for the space sector, and reusable rockets pioneered by SpaceX have been a major factor in making SBSP commercially viable.

“However SEI will not wish to be dependent on only a single provider for launch, to assure resilience for its programme and energy clients.”

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