Posted: 7 June, 2016. Written by REA News
Today the Renewable Energy Association (REA) released its annual statistical publication which has revealed record employment levels in 2015, but warned of the future impact of the Government’s numerous recent policy interventions.
The report REView 2016, produced in association with Innovas and KPMG, is the authoritative annual industry publication on employment, investment, and deployment trends in the UK’s renewable energy industry. This edition reveals growth in the deployment of renewable power and heat, but a decline in the consumption of renewable transport fuels. The report details record-setting employment levels in the renewable energy industry in 2015, and record overall levels of investment and energy consumption.
The report highlights that the repeated policy interventions of the Government are harming the UK’s position as a global leader, are slowing growth rates and are increasing the likelihood that legally binding 2020 renewable energy targets (RED targets for renewable power, heat and transport) will not be achieved.
Core findings of REView 2016 include:
KPMG’s investment review concluded that the investment landscape is in transition after a turbulent year, but with attractive opportunities emerging that do not necessarily rely on subsidy incentives. Major cost reductions in technologies such as solar and storage, allied with new business models to exploit the benefits they can provide to energy and balancing markets, offer promising investment prospects for the future both in the UK and internationally.
Dr. Nina Skorupska CBE, Chief Executive of the REA comments:
“2015 was another record year for British renewables. Employment, investment, and deployment increased, while costs fell and the industry continued to mature. It was yet another year where the renewables industry outperformed UK growth rates.
The industry was blindsided this year with over a dozen sudden and severe policy changes, which we expect will be reflected in next year’s report. While many businesses have been left reeling and deployment has begun to slow, as an industry we will persevere, we will innovate, and we will continue to grow.”
Simon Virley, Chair of Energy at KPMG comments:
“It has been a turbulent year for the renewables sector. But the falling costs of technologies, like solar and storage, mean that exciting business opportunities lie ahead and the sector as a whole can start to move beyond subsidy.”
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Notes to editors
• A copy of the REView 2016 report can be viewed online here.
About the Renewable Energy Association (REA)
The Renewable Energy Association represents renewable energy producers and promotes the use of all forms of renewable energy in the UK across power, heat, transport and renewable gas. It is the largest renewable energy trade association in the UK, with approximately 750 members, ranging from major multinationals to sole traders. For more information, visit: www.r-e-a.net
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a revenue of £1.96 billion in the year ended September 2015. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 174,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
Established in 2006, a key focus of Innovas’ work is in Market Intelligence for the Green Economy- Low Carbon Environmental Goods and Services Sector including Renewable Energy.
We have helped both public sector organisations and private sector businesses to drive the transition to a low carbon future with detailed insights, based on impartial analysis and practical experience; built on our extensive experience of conducting both quantitative and qualitative local, regional, national and international market sector analysis in the environmental, renewable energy technologies and low carbon technologies sectors. For more information, visit: http://www.innovas.co.uk/
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