A new report published by trade association Energy UK has warned that the UK government will not be able to fulfil its energy security and net zero targets unless it intervenes to mobilise more private sector investment to plug the estimated £62 billion shortfall over the next decade. This could mean that the UK misses out on 54 gigawatts (GW) of potential wind and solar capacity. International investors have been deterred by issues including inflation and supply chain difficulties, meaning that overall costs for clean energy projects have increased by 20-30%. Energy UK has made a series of recommendations, including rethinking fiscal policies, like the windfall tax, to ensure the country remains attractive to international investors. “As we look to emerge from an energy crisis that has caused huge difficulties for customers, businesses and the wider economy, both the government and the energy industry have been absolutely clear that the answer lies in rapidly expanding our own sources of clean, cheap power and escaping a dependence on expensive fossil fuels that has cost us dearly in recent times,” said Energy UK CEO Emma Pinchbeck. “With other countries actively trying to attract the same companies and investors […] it would be unforgivably complacent to think that we don’t need to do the same.”
