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Charles Kennedy

Charles Kennedy

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U.S. Remains The World’s Most Attractive Renewables Market

  • EY’s Renewable Energy Country Attractiveness Index ranked the U.S. as no.1 in 2024.
  • The U.S. retains the top spot, after adding 4.6 gigawatts (GW) of solar power in the first quarter of 2024 alone.
  • China is moving one place up to second in the index, toppling Germany, which falls from second to third spot.
Solar park

The United States kept its number one spot on EY’s Renewable Energy Country Attractiveness Index in the latest ranking of the world’s top markets on the attractiveness of their renewable energy investment and deployment opportunities.

EY’s Renewable Energy Country Attractiveness Index (RECAI) has ranked the top 40 markets to reflect its assessments of market attractiveness and global market trends.

For yet another issue of the index, the U.S. retains the top spot, after adding 4.6 gigawatts (GW) of solar power in the first quarter of 2024 alone, with installed capacity now at 100 GW.

In addition, federal support for grid upgrades is set to boost renewables transmission, EY said.

China is moving one place up to second in the index, toppling Germany, which falls from second to third spot.

In China, draft legislation aims to prioritize renewables and displace fossil fuels, encouraging both international and domestic investment while improving infrastructure in rural areas, EY said.

For the first time, EY has also ranked the attractiveness of the world’s top battery investment markets, finding the U.S. the most attractive. The U.S. is followed by China, the UK, Australia, and Germany in terms of market attractiveness for battery energy storage systems (BESS).

In the U.S., the battery market is growing fast, supported by 30% tax credits offered under the Inflation Reduction Act (IRA), according to EY’s analysis. California leads the battery market growth, mandating BESS in all new buildings.

China, the second-ranked market, enjoys strong government support, which is pushing China Mainland toward the top of the ranking, with subsidies accelerating rapid energy storage development, EY said.

In the third-ranked market, the UK, the sophisticated energy market design is appealing to BESS developers, the consultancy said. In addition, a new energy bill classes BESS as a generation asset, easing rules around construction and offering specific tariff structures, EY notes.

Great Britain, Italy, and Ireland will lead the pack in grid-scale battery storage investment in Europe, thanks to solid spreads, strong policy support, and capacity market remuneration, Aurora Energy Research said in a report earlier this year.

By Charles Kennedy for Oilprice.com

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