Not only that – this report states the UK wind energy sector has ‘a development pipeline valued at $182bn’. Eye-watering figures.
As the threat of falling behind on 2020 carbon reduction targets looms for some European countries, investment in renewable power projects will be the big winner in the race to catch up, with nuclear power projects losing their number-one slot.
This is according to a new report, ‘Project Insight: Power Generation Construction Projects in Europe’, from analysis firm Timetric’s Construction Analysis Centre (CIC). The report found that investment in renewable projects is expected to increase significantly in the next five years, with wind power attracting the highest investment.
Wind power projects being developed in 13 European countries are currently valued at almost $300bn, according to the report. The UK is Europe’s leader in wind investment due to its focus on offshore wind projects, with a development pipeline valued at $182bn.
Germany is in second place, but a somewhat distant second, with a project pipeline valued at $37.9bn. Germany’s most costly project is worth just $2.7bn, while the UK’s top project, the Crown Round III Offshore Wind Farm Development [mainly at Dogger Bank], is valued at $37.5bn.
Full report from Power Engineering International