UK renewable energy firms grab contracts worth billions

Apr 24, 2017

The UK’s renewable energy industry clinched international contracts totalling billions of pounds last year as firms jostled to take a leading role in the growing global market for wind and marine power, a report from the industry group Renewable UK said.

Using a sample of 36 UK-based companies in the wind and marine energy sector from its membership base of around 400 firms, Renewable UK estimated the total value of exports last year could be close to £2bn.

It also found that renewable energy products and services were exported to 43 countries in 2016 alone.

Renewable UK said most of the larger players declined to comment on the value of the contracts they secured, suggesting the total could be even higher.

The contracts that featured in the study ranged in value from £50,000 for consultancy services up to £30m in engineering work. The value of exports is expected to grow as the £290bn global renewables market booms.

BP’s highly influential global energy outlook expects renewable power will be the fastest-growing energy source over the next 20 years, with an average annual expansion of 7pc, which could quadruple supply by 2035.

However, the British industry faces an uncertain future as the Government prepares to scrap its EU commitments to rolling out renewable energy.

The UK is currently committed to getting 15pc of energy from renewable sources such as wind by 2020, but a planned bonfire of red tape could see that commitment go up in smoke.

Renewable UK argues that renewables should nonetheless remain a key part of the Government’s upcoming industrial strategy because of the multi-billion pound export opportunities.

Emma Pinchbeck, RenewableUK’s executive director, said: “We need to act swiftly to retain this competitive advantage or other nations will capitalise on the hard work our businesses have done to build opportunities.”

Source: The Telegraph