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While all the technologies reviewed could develop into significant global markets, the economic opportunities for UK plc vary greatly.
- Off-shore wind: UK companies could develop into a global leader as the industry is in an early stage of development and the UK has significant resource, design and installation experience in off-shore environments
- On-shore wind: UK could build a significant domestic industry through local component manufacture, installation and operation in on-shore wind
- Wave and tidal stream: with significant local resource UK companies are in a strong competitive position to become a global leader if these technologies can become cost competitive
The Investor Perspectives on Renewable Power in the UK published in December 2003 was funded by the Carbon Trust and carried out by L.E.K. Consulting for the DTI's Renewables Advisory Board.
The study consulted 41 key individuals in 39 organisations across large utilities, developers, project financing, private equity and fund managers involved in the UK renewables sector. The key suggestions arising from the interview process included:
- The ROC (Renewable Obligation Certificate) mechanism is perceived by the majority of interviewees to be effective and should not be discarded
- Greater certainty around targets and Government policy post-2010-11 is the primary requirement to underpin the further values of the ROCs and the 2005-06 review should be brought forward
- The intentions for eligibility of other technologies, such as co-firing, CHP and waste, which could seriously undermine ROC values unless the targets were adjusted accordingly, also need clarifying.
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