Renewable Energy NewsMay 17th, 2017
The UK enters the Top Ten for Renewables Investment
The UK made a surprise entry back into the top 10 most attractive countries for renewable energy investment recently.
The latest EY Renewable energy country attractiveness index (RECAI) showed the UK recovering from a fall from 4th place in 2013 down to an all-time low of 14th in October 2016, although weaker performances from other countries were the main factor in it climbing four places.
The RECAI says that the UK investment environment is more settled than recent years, which were beset by subsidy cuts, but the future post-Brexit remains uncertain. While the UK is behind schedule to meet its 2020 EU renewables target, coal-fired power has declined significantly and even reached zero for a day on 21 April.
Of course, Investors are still waiting for clarity around the post-Brexit landscape and questions linger around renewable energy targets, subsidies and connections with mainland power markets.
Interestingly, the report showed the US slipping down rankings to third in the index by a marked shift in US policy under the new administration. China and India surpass the US.
Investment in affordable green power
On the back of the same subject; Industry organisation Renewable UK has called on the incoming UK Government to put renewables at the heart of a strong energy future for the UK.
Executive Director Emma Pinchbeck said: “The next Government has a clear opportunity to ensure that the renewable energy sector can continue to grow and deliver even cheaper electricity to UK homes and businesses.
The first steps to achieving this include confirming existing investment commitments, and ensuring a competitive process is in place to secure cheap new generation.
We need a transparent procurement system that is fair to all technologies.”
In its General Election manifesto, the trade body outlined four key measures it wants to see implemented:
Keep consumer energy bills down by investing in domestic, affordable, low-carbon power
Set a long-term, low-carbon vision for the energy system.
Build flexible, and smart energy infrastructure that matches the needs of consumers, industry and the economy.
Secure the economic and export opportunities of renewable energy and its supply chains for Britain as it leaves the European Union.