The UK has retained its position as the 10th most attractive country for renewable energy investment, according to the RECAI index produced by accountants EY.
The UK’s position at 10 was cemented following 11 renewable energy projects being awarded contracts in the UK’s second Contracts for Difference (CfD) auction. This included three large offshore wind projects and eight smaller energy-from-waste and biomass projects.
Now in its 15th year, the bi-annual RECAI report ranks 40 countries on their renewable energy investment and deployment opportunities.
The 11 projects were awarded contracts with prices lower than most predictions. Two of the offshore wind projects have bid prices that undercut those of 2015 by half.
According to EY’s analysis, what this reveals is that offshore wind is now cheaper and new nuclear.
“These results continue a trend of dramatic cost reduction in offshore wind across Europe,” said Ben Warren, leader on EY’s global power and utilities corporate finance team. “Auctions held in Germany and the Netherlands have seen similar price falls.”
The UK also saw the first subsidy-free solar farm, a 10MW PV an 6MW battery storage facility in Bedfordshire, developed by Anesco.
China retained its top position in the latest RECAI ranking, having overtaken the US earlier this year. It is followed by India and then the US in third.