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Renewable Energy Market Report 2009
Key Note Publications Ltd, Oct 2009
This Market Report analyses the UK renewable energy market, with particular reference to biomass, hydropower, wind/wave power and solar energy. UK renewable energy use in 2008 was 5.9 million tonnes of oil equivalent (toe), an increase of 14.4% on the previous year. Biomass was the main contributor to this total, with the next most significant renewable sources being transport fuels, wind power and hydropower. Recent years have shown rapid growth in wind power, especially offshore wind farms. There has also been strong growth in renewable transport fuels (biodiesel and bioethanol). Generation of electricity is the major use of renewables, the main sources here being landfill gas, followed by wind and wave power and hydropower. The use of renewables for generating heat is dominated by biomass (mostly wood combustion). The market for renewable energy is being driven by two main factors: energy security and a reduction in carbon emissions. Energy security is becoming a more significant factor as output from the UK's offshore oil/gas industry decreases. Unless changes are made to the UK's energy sourcing strategy, more imports of fossil fuels would be required to make up for this decline in indigenous production.
The second factor stimulating renewable energy is the UK's commitment to reduce carbon emissions in order to help reduce global warming. In July 2009, the Government published The UK Renewable Energy Strategy to show how the UK can reach its goal of producing 15% of its energy from renewables by 2020. This is a six-fold increase over the present amount of renewable energy used and will require a major coordinated effort from the Government, the energy industry and the supply chain. The UK Low Carbon Industrial Strategy, another government report also published in July 2009, gave details of the UK's commitment to reduce its carbon emissions by at least 26% by 2020 and 80% by 2050. Again, this will involve a major contribution by the renewable energy market (as well as nuclear power).
Nuclear power has now received the government go-ahead and major energy companies are planning to renew the UK's ageing nuclear power stations. These have very low carbon emissions and, from that point of view, represent competition for renewables. Another source of competition are the options open to major energy companies. Large energy companies — many of whom operate internationally — may choose to invest in other aspects of the energy industry when they feel returns would be greater than in the UK renewable market. Decisions of this type, possibly outside the UK, could mean that the UK would miss their contribution.
Through the plans outlined in The UK Renewable Energy Strategy and The UK Low Carbon Industrial Strategy, the UK has the prospect of developing a much larger renewable energy industry. However, this will depend on finance from the financial sector, which is still operating a credit squeeze resulting from the current UK recession. It will also depend on prompt release of government funds outlined in its recent strategies.
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