WHY IMPORTANT TO WISCONSIN
The trend could open doors for Wisconsin companies in the renewable power sector.
Renewable energy is expected to grow more than 60% over the next five years in the UK.
The rapid growth could present opportunities for Wisconsin companies in the green power sector.
According to a Mordor Intelligence report, the UK’s renewable energy sources are expected to increase from nearly 135 gigawatts in 2023 to nearly 218 gigawatts by 2028.
Supportive government policies and efforts to meet rising demand for power are fueling the trend, the report says, especially since the UK is trying to decrease its dependence on fossil fuels and reduce carbon emissions.
Wind installations are a big portion of the renewable supply. Onshore wind farms had a capacity of 14.8 gigawatts in 2022, while offshore wind turbines were capable of producing 13.9 gigawatts. Wind turbines provided 32.4% of the UK’s total electricity in the first quarter of 2023, according to the report.
Wind power already is about to increase. In February 2023, the UK signed agreements to lease six offshore wind energy projects that will add another 8 gigawatts, enough to power more than 7 million households.
As far as other types of renewable energy:
- Installation of solar panels is expected to hit a record in 2023, with more capacity added than over the previous six years combined, according to Electric Insights.
- The use of heat pumps is increasing as the government aims to phase out the installation of new and replacement natural gas boilers by 2035.
- The first geothermal power plant is under construction at United Downs in Cornwall, where the underlying granite is heat-producing. The power plant is expected to begin operating in late 2024.
- Biomass, hydropower, and tidal power also contribute to the mix.
The World Economic Forum says that in 2022, a record amount of energy from renewable sources was generated in the UK, providing 40% of the UK’s electricity.
