The UK has returned to the top ten list of locations around the world that are best for investment in renewable energy, a new report reveals.
According to EY’s Renewable Energy Country Attractiveness Index (RECAI), the UK has climbed from 14th place last year to number ten on the list.
However, the consultancy warned that uncertainty over future energy policy, as well as the impact that Brexit will have on the sector, means that investors are still cautious about ploughing too much money into renewable energy projects in the country.
Ben Warren, head of energy corporate finance at EY, explained that the UK’s climb in the RECAI is because other countries’ performances have slipped, rather than because Britain has improved markedly.
“Question marks linger around renewable energy targets, subsidies and connections with mainland power markets,” he asserted.
EY added that offshore wind presents the country’s best option for future investment, although acknowledged that the latest round of CfD auctions has also offered an opportunity for other technologies such as geothermal and biomass with combined heat and power, and tidal stream, to boost their levels of investment.
Last month, research by Frost & Sullivan revealed that the global energy industry is focusing its attention increasingly on developing renewable power. Solar PV and wind energy were cited as the fastest growing segments, with global investment in the former expected to hit $141.6 billion this year.
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