Posted on: 21/05/2019
The unveiling of the Offshore Wind Deal earlier this year has helped the UK to retain eighth place in accountancy firm EY’s Renewable Energy Country Attractiveness Index (RECAI).
The UK Government wants 30GW of offshore wind capacity by 2030, up from 8.2GW at the end of last year.
Ben Warren, EY Global Power & Utilities Corporate Finance Leader and RECAI Chief Editor, said: “While the Offshore Wind Deal is extremely positive news for the UK renewables sector and will help to attract significant investment over the coming years, the announcement regrettably follows the withdrawal of support for onshore renewables in 2016 that has slowed UK sector growth.”
The report said only 598MW of onshore wind capacity was added in the UK last year, down from 2.7GW of additions in 2017 and added: “The lack of support for the Swansea Tidal Lagoon, and changes to network charges – which have been favouring decentralised renewables, energy storage and demand-side response – will hamper investment in the sector.”
China retained its top position in the biannual ranking of 40 countries, with the United States remaining in second spot.
France moved up to third after expanding its onshore wind auctions and signalling its ambitions to install floating wind turbines.
Warren added: “Europe has led the way with unsubsidised projects in areas with good renewable resources, and multiple projects across the Nordics, UK, and Spain are being developed – backed by private investment and corporate power purchase agreements to provide the required stability.”