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16/07/2015
Report Reveals Renewables Investment
A recent report has revealed over £400 million was invested in independent renewable energy generation projects last year.
Independent generation saw investment of over £1.1 million every day.
The 2015 Energy Entrepreneurs Report, compiled by SmartestEnergy, reveals the total invested in the sector outside of the major power utilities rose to almost £2.1 billion.
A total of 4,460 commercial-scale sites of at least 50kW capacity are now in operation.
The projects range from community wind turbines to onsite generation plants at manufacturing sites.
They generate an estimated £1.08 billion in wholesale energy a year, enough to power 5.7 million homes.
The average amount invested in developing the 1,619 new projects last year was £258,000, a decrease from £352,000.
SmartestEnergy stated this reflected a higher proportion of solar projects which tend to be lower volume than other renewable projects.
The amount invested in the renewables sector has risen 75% since the first Energy Entrepreneurs Report in 2013.
Project numbers have more than doubled and their share of the total UK generation has risen by over 50% to stand at 7%
Solar has also overtaken wind energy to become the biggest renewable technology in England.
Robert Groves, Chief Executive Officer for SmartestEnergy, said: "This report has highlighted the resilience of the independent generation sector against the backdrop of political uncertainty, changes to renewable subsidies and falls in wholesale power prices that occurred last year."
However, Mr Groves also stated recent changes announced by the new Government will challenge this growth.
"With the early end to support for onshore wind under the Renewables Obligation and the end of the exemption from Climate Change Levy for renewable source electricity, 2015 could prove to be a difficult year for generators and investors.
"Our hope is that, as always, energy entrepreneurs find a way to seize opportunity so they can continue being a significant part of the energy landscape and contributing to meeting the nation’s energy needs and climate change targets."
(LM)
Independent generation saw investment of over £1.1 million every day.
The 2015 Energy Entrepreneurs Report, compiled by SmartestEnergy, reveals the total invested in the sector outside of the major power utilities rose to almost £2.1 billion.
A total of 4,460 commercial-scale sites of at least 50kW capacity are now in operation.
The projects range from community wind turbines to onsite generation plants at manufacturing sites.
They generate an estimated £1.08 billion in wholesale energy a year, enough to power 5.7 million homes.
The average amount invested in developing the 1,619 new projects last year was £258,000, a decrease from £352,000.
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SmartestEnergy stated this reflected a higher proportion of solar projects which tend to be lower volume than other renewable projects.
The amount invested in the renewables sector has risen 75% since the first Energy Entrepreneurs Report in 2013.
Project numbers have more than doubled and their share of the total UK generation has risen by over 50% to stand at 7%
Solar has also overtaken wind energy to become the biggest renewable technology in England.
Robert Groves, Chief Executive Officer for SmartestEnergy, said: "This report has highlighted the resilience of the independent generation sector against the backdrop of political uncertainty, changes to renewable subsidies and falls in wholesale power prices that occurred last year."
However, Mr Groves also stated recent changes announced by the new Government will challenge this growth.
"With the early end to support for onshore wind under the Renewables Obligation and the end of the exemption from Climate Change Levy for renewable source electricity, 2015 could prove to be a difficult year for generators and investors.
"Our hope is that, as always, energy entrepreneurs find a way to seize opportunity so they can continue being a significant part of the energy landscape and contributing to meeting the nation’s energy needs and climate change targets."
(LM)
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