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A new report has revealed that independent renewable generation now supplies 7.6 per cent of the UK’s power demand, despite a fall in wholesale prices.
Wholesale electricity prices fell by more than 20 per cent in 2015 and although independent renewables capacity grew by 28 per cent, the wholesale value of the electricity it generated dropped by more than 4 per cent, according to the Smartest Energy report.
This comes amid cuts to renewable subsidies including the feed-in-tariff, increasing the cost of capital for renewables.
Smartest Energy chief executive Robert Groves said: “Traditional electricity supply companies are in no shape to deliver the change that is needed. The big six are suffering in this low-carbon transition – share prices and dividends are falling, companies are laying off staff and some are even breaking themselves up.
“The government needs to restore confidence to the industry by providing stable policy and certainty over future subsidies available to the industry.”
Investment in the sector added 2.4GW of new renewable capacity last year and since 2012 independent capacity has more than doubled to 11GW from a total of 5467 projects and almost £2.5 billion of investment.
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