The UK must reboot its renewable energy market.
That’s according to EY’s Renewable Energy Country Attractiveness Index (RECAI) published today.
The UK has remained in eighth place in attracting renewable energy investment, which is its lowest level in 12 years despite an end to pre-election uncertainty.
That’s due to “conflicting messages” around the role of renewables in the country’s future energy mix, the report claims.
Ben Warren, Power & Utilities Corporate Finance Leader at EY said: “The frustration of the renewables sector stems from a fundamental inconsistency between the government’s rhetoric and its actions.
“Despite championing a market-driven energy sector, policy decisions are clearly picking winners and losers and ignoring signals from the market that onshore wind and solar PV can deliver affordable energy.”
He added the government is “chasing climate change targets while favouring more expensive projects” which is a disadvantage to more cost-competitive renewable energy technologies that have public backing.
A DECC spokesperson said:“Renewable energy is an integral part of our energy mix and we remain committed to developing secure, low carbon energy which delivers the best value to bill payers.
“In the last Parliament we stimulated record levels of investment in renewables, reflected in our number one ranking for offshore wind.”