The UK has held it’s place at number ten in EY’s index of the world’s most attractive renewable energy markets.

The report’s authors cited the results of second contract for difference (CfD) auction as contributing to the UK’s place in the top ten. The auction awarded over 3GW offshore wind at the historically low price of £57.50/MWh, undercutting Hinkley Point C’s nuclear CfD by almost 40%.

In October 2016, the UK’s position on Ernst and Young’s Renewable Energy Country Attractiveness Index (RECAI) fell to an all-time low of 14th place due to uncertainty caused by Brexit, the dismantling of the government’s Department for Energy and Climate Change (Decc) and the approval of the Hinkley Point C power station. In May, EY said the UK was back to number 10, but because of other countries dropping down the table, rather than because the UK’s appeal had increased.

China held its place at the top of the latest index, after overtaking the US in May this year. EY said  India’s second place position in looked “increasingly precarious”, due to cancelled wind energy power purchase agreements and steep falls in tariffs bid in recent auctions, placing doubt over India’s 2022 target of 100GW of solar PV.

The report’s chief editor, Ben Warren, said:  “The index highlights that government policy is pivotal in driving renewable energy development globally. As it becomes increasingly clear that time is running out for legacy energy supply models, countries are vying for their place in a clean energy future. Collaboration with existing suppliers and innovative partners through partnerships and acquisitions holds the key to success in this new world.”

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