UK rises to seventh in latest EY renewable energy attractiveness report

The UK has moved up one ranking to seventh in global accountancy firm Ernst & Young’s (EY) latest bi-annual Renewable Energy Country Attractiveness Index (RECAI), with China holding on to first place in the chart.

The report, which ranks 40 countries attractiveness in the global renewables market, placed the US and India second and third on the index, the latter pushing France down to fourth, with Australia a non-mover in fifth.

Commenting on the rising position of the UK, EY said spending on green energy was ‘picking up pace’ despite of the ‘uncertainty’ created by the country’s delayed exit from the European Union.

EY also highlighted the record low energy prices in the UK government’s latest offshore wind auction, as evidence to support the increasing attractiveness of the renewables sector. Prices dropped below the forecast wholesale power price in the auction.

Ben Warren, EY global power & utilities corporate finance leader and RECAI chief editor, said: “With such an enormous need for capital for renewables projects, numerous investment models will emerge and evolve over time.

“Renewables projects are becoming truly industrial in scale, which creates an increased urgency to find new sources and structures for raising capital efficiently and effectively.

In a separate report, ratings agency Moody’s found that the UK will receive half of its electricity requirements from renewables by 2025. The country has passed legislation to have net-zero emissions by 2050.