The number of power and renewable energy deals across the globe has reached the highest level this decade, according to a new report.

The total value rose from $143.3 billion (£95bn) in 2013 to $243.1 billion (£161bn) last year, a 70% increase year-on-year.

A more “globally-balanced spread of deals” are expected this year, with fewer of the US “mega-deals”, analysts at PwC said.

Andrew McCrosson, Partner, PwC power and utilities added: “We see plenty of potential deal flow in the pipeline but there’s likely to be an element of ‘wait and see’ as dealmakers take stock of a changed energy pricing environment.”

In the UK, he noted all eyes will be on the policy developments and energy prices, adding: “One of the first issues for a post-election government will be the findings of the competition investigation into the energy supply market being conducted by the Competition and Markets Authority. Vertical integration will be an issue under consideration and it’s possible that any policy changes could spur M&A moves.

“Longer term, persistently low hydrocarbon prices could also challenge the economics of renewables and nuclear generation, in parts of the world where these do not have stable policy support.”