Industry Analysis
UK energy sector is transforming. There are more low carbon generation, new technologies (storage, renewable energy and electric vehicles for instance) and rapidly falling costs of such transformative energy resources. More electricity is being generated from renewable energy such as wind and solar power, instead of traditional fossil fuel power stations.
In 2020, the energy sector contributed £27 billion in gross value added and £97 billion in consumption through the supply chain to the UK economy. The UK’s power demand is expected to at least double by 2050. Low carbon generation, therefore, needs to quadruple by then. In 2020, £12 billion was invested in the gas and power sector. An additional investment of £15 billion is needed each year to 2050, to reach net-zero in power.
For the first time, in 2020, renewable generation outstripped fossil fuel generation for the annual power generation. Renewables generated more power than fossil fuels for 203 days of the year. The power sector decreased its emissions by 68% in the last decade, significantly more than any other sector. A record-breaking 43% of UK power generation came from renewable sources in 2020, and 59% came from low carbon.
The rise of renewable energy businesses certainly attracts a lot of people. However, there are different types of renewable energy businesses, and you may not have a clear vision of what to do and how to work it out. B&F Services provides you with business planning and marketing strategies; we are willing to help you be an outstanding company in this field. Do not hesitate to contact us at +44(0) 203 637 6137.
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