UK's DECC sees up to GBP 50bn of renewables investment by 2020

Jul 17, 2014 - The UK is seen to attract up to GBP 50 billion (USD 85.5bn/EUR 63.2bn) of investments in renewable energy by 2020, with offshore wind taking up nearly half of that, a new report shows.

The Department of Energy & Climate Change (DECC) today published a comprehensive assessment of the investments in the UK energy sector. According to the report, the country will see offshore wind investments of between GBP 16.2 billion and GBP 21.3 billion by 2020, compared to GBP 6.9 billion over the 2010-2013 period.

Onshore wind was the green energy segment in the UK which lured the most investments during the past four years -- GBP 7.6 billion. However, this is going to change in the 2014-2020 period, according to the DECC report, as it projects investments of only between GBP 3.7 billion and GBP 5.8 billion. The estimates exclude Scottish Islands onshore wind.

The DECC calculates that the number-two segment in terms of attracted investments, in the range of GBP 11.9 billion to GBP 13 billion, will be solar, including both large- and small-scale photovoltaic (PV) schemes. During the past four years, solar energy spending totalled GBP 6.4 billion.

The biomass and bioenergy sector is seen to benefit from an investment of between GBP 5 billion and GBP 5.9 billion by 2020. The total commitment for 2010-2013 was GBP 6.3 billion.

“I am proud that 15% of the UK’s electricity now comes from renewable sources, and that our renewable electricity capacity is continuing to increase,” commented Edward Davey, secretary of state for energy and climate change.

The calculations are based on the first scenario mentioned in the Electricity Market Reform (EMR) Delivery Plan.

(GBP 1.0 = USD 1.710/EUR 1.264)

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