In the UK, new onshore wind and solar power projects could be viable without subsidies by as soon as 2025, according to new research.
Aurora Energy Research revealed that there are already excellent investment opportunities in subsidy-free renewable energy projects in north-western Europe, adding that the UK is on the cusp of a breakthrough in this area as well.
While onshore wind and solar power will be the first areas to offer subsidy-free investment opportunities in the UK, offshore wind is expected to follow by the late 2020s or the 2030s.
Mateusz Wronski, Aurora’s keynote speaker at the company’s Spring Forum this year, commented: “Our research highlights clearly the enormous prize and potential in the market, not only in GB but across Europe.”
He described it a “a true game changer for the energy industry and policy makers”, noting that it will also have a positive knock-on effect on flexible generation and baseload technologies.
Wind and solar power have been identified as the two leading renewable energy sources, with the UK’s subsidy-free renewable power expected to be split between these sources. Solar in particular received a boost towards the end of last year when the UK’s first-ever subsidy-free, large-scale solar farm opened.
At the time, the Guardian highlighted the installation in Bedfordshire, which was opened in September 2017. Steve Shine, chairman of operator Anesco, told the newspaper that the company would use battery storage as well as solar panels to create a “hybrid site”.
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