Renewable projects to overtake nuclear in EU

Nuclear energy is set to lose its leading position in Europe’s power generation projects. That’s due to a growing demand to adopt renewable sources, according to a new report. It […]

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Nuclear energy is set to lose its leading position in Europe’s power generation projects.

That’s due to a growing demand to adopt renewable sources, according to a new report.

It found the change has been prompted by the European governments’ aim of generating at least one fifth of its power from renewable sources by 2020.

The report expects investment in renewable energy to pick up in the next five years as some countries are falling behind in achieving their 2020 targets.

In a leaked letter Amber Rudd recently admitted the UK will fall short of its EU goal of generating 15% of its energy from green sources by 2020.

European wind power projects have the highest value at nearly $300 billion (£200bn). The UK has the highest value project in this sector at $182 billion (£121bn) due to its investment in offshore wind farms.

Hydroelectric is in second place with an investment value of $43 billion (£28bn). Switzerland has the highest value project in this sector at $12 billion (£8bn).

Neil Martin, Manager at Timetric CIC said: “Nuclear power should decline given the opt-out by Germany while renewables will increase to take up the power demand as the EU follows its strategy of 20% of energy consumption being met by renewables by 2020.

“Europe’s economic performance will ultimately determine expansion in demand for power use and generation and affect each country’s performance in meeting the targets set by the EU.”