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US ranks first again in EY’s Renewable Energy Nation Perfect looks to be Index

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US’ federal give a enhance to for grid upgrades will enhance renewables transmission at some point. Image: Origis Energy.

The US has once again been named essentially the most enticing marketplace for renewables funding and deployment
opportunities, in step with global reliable products and services company Ernst & Younger’s (EY) 63rd Renewable Energy Nation Perfect looks to be Index (RECAI).

The RECAI, printed every six months, ranks the head 40 international locations and presents analyses of neat energy commerce trends. The US retains the head place within the index; it added 4.6GW of photo voltaic within the principle quarter of 2024, with installed capability now at 100GW, in step with the describe. Federal give a enhance to within the US for grid upgrades will enhance renewables transmission.

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Nevertheless info the Photo voltaic Energy Industries Affiliation (SEIA) mentioned the US installed 11.8GWdc of capability in Q1 2024 and added extra than 40GW of photo voltaic capability to the grid ultimate year.

China moves from the third place to the 2d in essentially the most unusual index. Its draft legislation aiming to prioritise renewables and displace fossil fuels encourages both international and domestic funding whereas improving infrastructure in rural areas.

Germany takes the third place, down from 2d. EY mentioned Germany’s effective manner to announce tenders continues, with file participation within the nation’s most unusual round of photo voltaic PV auctions. Bids received a total of 5.5GW capability, a ways surpassing the auctioned capability of 1.6GW resulting
in initiatives receiving give a enhance to of fair correct-searching €0.0444 (US$0.048) and €0.0547 per kWh, considerably lower than old tenders.

France, Australia and the UK are ranked fourth, fifth and sixth within the index respectively.

India, ranked seventh (down from sixth), added roughly 26GW of unusual energy abilities capability within the financial year 2023–24, with extra than 70% coming from renewables. Renewables perform up 33% (about 144GW) of India’s total installed energy abilities capability, with the a part of coal and lignite dropping beneath 50% for the principle time.

On the other hand, EY mentioned extra than US$100 billion of funding is wished in renewables abilities, storage and transmission capability in India, in train to meet the International Energy Agency’s (IEA) Rating-Zero Emission Pathway by 2030.

Denmark, Canada and Japan take hang of the eighth, ninth and tenth spots within the index respectively.

Spain, ranked 12th and down the eighth place within the old RECAI, mute faces curtailment disorders and market players going bankrupt. Grid constraints grew ultimate year, forcing the shutdown of 1.2TWh of renewable capability in 2023 and costing the financial system around US$2.3 billion. The impact will perform space a magnificent bigger element for traders, with some suggesting initiatives in northern Spain, the place there are much less beneficial photo voltaic prerequisites, will be extra dazzling than those in sunnier central and southern areas.

In 2023, photo voltaic installations had been about half of that for 2022 in Spain, a year the place the market became buoyed by subsidies and energy security fears. The decline will be attributed to a standard fall in energy prices and tricky financial prerequisites for households.

Other than the head 40 international locations within the index, the describe also presentations that US$1.8 trillion became invested in neat energy worldwide in 2023, leading to a 507GW perform bigger in installed capability. This became the best doubtless ever boost recorded in a single year, and about two-thirds of that unusual capability became photo voltaic PV.

On the other hand, the company mentioned this mute falls successfully searching the funding required to triple renewable energy capability by 2030 essentially essentially based fully on COP28 targets, whereas underinvestment in infrastructure similar to transmission networks manner many grids across the world are now no longer geared as much as address integrating rapidly rising shares of variable renewable energy (VRE).

EY also covers battery energy storage procedure (BESS) abilities’s characteristic in alleviating the stress on networks and enabling increased adoption of renewables. Read extra from an article printed by PV Tech’s sister newsletter

Our varied sister situation, Present±, also covered the describe’s evaluation about the UK. The describe locations the UK sixth, a step up that is partly attributed to increased authorities funding for the Contracts for Distinction (CfD) plot, which received over £1 billion within the most contemporary auction round (AR6).

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