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Navigating Choppy Waters: Can the UK and Europe Overcome Challenges to Realise Renewable Ambitions?
Renewables deployment continues to be the central pillar of the UK and Europe’s plans to decarbonise and push towards Net Zero, alongside mass electrification of hard-to-abate sectors. The EU targets 1,236 GW of installed renewables capacity by 2030 under the RePowerEU plan. The UK Government currently aims for 50 GW of offshore wind and 70 GW of solar PV, whilst Labour’s ambition is to bring forwards the Net Zero power target by five years to 2030.
However, there are significant challenges to realising these ambitions and targets—with grid access and curtailment arguably being the binding constraint. Grid curtailment has already increased markedly in GB and Germany and on a more localised basis in renewables-dominated regions in Italy and Spain. The queue of renewables projects looking to connect to the grid continues to grow at a fast pace. Aurora analysis points to the need for 1.5 trillion € of investment in grid infrastructure by 2040. Consequently, developers and investors increasingly focus on grid access and curtailment as they develop projects and deploy capital into renewables.
In the face of these grid challenges, co-location of battery storage alongside renewables can often offer a solution to accelerate deployment and mitigate risks. This adds complexity to projects, as it becomes essential to optimise site configurations and understand the full revenue opportunities for these hybrid projects. Regulations and incentives for hybrid projects vary significantly across Europe.
Offshore wind continues to be a focus for the UK and many European countries but has faced multiple challenges in recent years in terms of supply chain bottlenecks, increasing cost of capital, and access to grid and other infrastructure. Recent offshore wind tenders have failed to secure significant capacity or come at increased costs. The sector will be closely watching the outcomes of the UK’s £1 billion CfD Allocation Round, as well as upcoming tenders in Ireland, Belgium, and Germany to name a few.
Given this landscape, the Aurora Renewables Summit London 2024 aimed to assess the opportunities and challenges in the renewables sector in the UK and Europe. How are market participants and regulators adapting to the changing investment environment?
The Aurora Renewables Summit London 2024 heard from leading experts in the energy industry as they dived into topics of financing, deployment, and policy perspectives on the future of renewable energy.
Providing a great platform for networking, the Aurora Renewables Summit London offered plenty of opportunities for interaction during the day, including a drinks reception in the evening.
