The comments by Gordon Stewart, Head of Renewables at Bidwells, come amid renewed criticism of renewable technologies as an expensive source of energy and the cutting of prices by E.On in response to the falling oil price.
“When it comes to keeping the lights on and ensuring a suitable energy mix, investors and policy makers must take a long term view” said Mr Stewart. “Although the dramatic fall in the oil price is currently making energy more affordable, it is likely that the oil price will rise again by 2017 and the issue of security of supply will remain.”
Mr Stewart went on to add that although it is true that energy from renewables continues to be expensive, further development is the key to bringing those costs down while meeting the country’s renewable energy targets. The UK, as a country with significant renewable energy resources, should continue to invest in harnessing these resources in order to guarantee security of supply in the future.
The renewables sector in the UK has seen worrying signs of growth tailing off beyond 2017 and it is therefore important to turn this around and incentivise investment.
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