That’s the conclusion of a new survey that polled more than 800 energy industry professionals for their views on the European power market.
The POWER-GEN Europe Confidence Index surveyed 833 power players, ranging from chairman and chief executives to on-the-ground engineers, who work in all sectors of the energy industry.
Britain came second in the top 10 countries for financial and/or capital investment in renewables over the next five years – Germany, unsurprisingly, took first place, being picked by 55 per cent of respondents.
Some 33 per cent picked the UK, with 30 per cent opting for France, 23 per cent choosing Denmark and 18 per cent picking Italy.
When the same question was asked in relation to conventional power projects, Germany was still top (40 per cent), followed by Poland (30 per cent), and the UK and Italy in joint-third place with 22 per cent. Fourth place was also tied between Turkey and France on 21 per cent.
Participants were then asked to choose which countries would see the most financial and/or capital investment in the refurbishment and modernization of existing plant. Germany again came top (43 per cent), followed by the UK (32 per cent), France (28 per cent), Italy and Poland (both 24 per cent), and Russia (21 per cent).
Poland, Russia, Ukraine and the Czech Republic all feature on the Conventional Power investment top ten, but don’t figure at all in the Renewable Top 10, while Italy, Turkey and Denmark make it into both.
Meanwhile, Norway, Sweden, The Netherlands and Spain only feature in the Renewable Top 10. Indeed, the 13 per cent gap between renewables vrs conventional investment for The Netherlands (17 per cent vrs 4 per cent) matches that of renewable standard-bearer Denmark (23 per cent vrs 10 per cent), highlighting the strides that the Dutch have made in integrating renewables into their energy mix and smart city models.
The biggest disparity between investment in renewables and conventional is seen with Poland – 30 per cent for conventional vrs 9 per cent renewable.
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