The UK has fallen three locations to seventh in EY’s Renewable Power Nation Attractiveness Index (RECAI), dropping its prime spot in offshore wind attractiveness to the US.
The RECAI report signifies a decline within the UK’s general attractiveness for renewable investments, rating behind the US, Germany, China, France, Australia and India.
Regardless of the UK authorities’s aim of a fivefold enhance in nationwide offshore wind capability by 2030, the fifth allocation spherical in September attracted no bids for brand spanking new offshore tasks.
Consultants counsel addressing financial circumstances in public sale design and expediting the grid connection course of may improve the nation’s renewables attraction.
Ben Warren, EY Renewables Company Finance and RECAI Chief Editor, commented: “The UK’s latest challenges within the offshore wind sector echo a broader, international battle.
“When auctioning contracts for offshore wind era, governments have to replicate financial circumstances within the design of the public sale.
“Contemplating shifting away from cost-only public sale codecs and incorporating non-price elements, similar to environmental concerns and job creation, could entice developer curiosity and an increase in bids.”
Ensure you try the most recent Internet Hero Podcast episode:
