United Kingdom Renewable Energy 105537

MarketLine Industry Profile
Renewable Energy in the United Kingdom

August 2020
Reference Code: 0183-0668
Publication Date: August 2020
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Industry Profiles
1. Executive Summary
1.1. Market value

The United Kingdom renewable energy market grew by 9.2% in 2019 to reach a value of $23.1 billion.
1.2. Market value forecast

In 2024, the United Kingdom renewable energy market is forecast to have a value of $33.5 billion, an increase of 45%
since 2019.
1.3. Market volume

The United Kingdom renewable energy market grew by 8.5% in 2019 to reach a volume of 119.3 TWh.
1.4. Market volume forecast

In 2024, the United Kingdom renewable energy market is forecast to have a volume of 170.3 TWh, an increase of
42.8% since 2019.
1.5. Category segmentation

Wind is the largest segment of the renewable energy market in the United Kingdom, accounting for 53.7% of the
market's total volume.
1.6. Geography segmentation

The United Kingdom accounts for 8.5% of the European renewable energy market value.
1.7. Market rivalry

As electricity from renewable sources is a commoditized product with the only differentiation being its source and any
additional services offered by utility companies, players are forced to compete almost entirely on price. This creates a
particularly competitive environment that is further fueled by the high fixed costs associated with the construction of
renewable energy plants.

Industry Profiles
1.8. Competitive Landscape

The UK renewable energy market has performed strongly in recent years. It is set to decelerate in 2020 due to the
coronavirus pandemic but will still grow strongly unlike other major European markets. The cancellation of feed-in
tariffs for renewable energy projects has severely dampened competition in the UK industry. However, the UK still
remains a leader in offshore wind, which is its leading renewable source and will continue to draw investment and
new entrants.

Industry Profiles
TABLE OF CONTENTS
1. Executive Summary 2
1.1. Market value ................................................................................................................................. 2
1.2. Market value forecast ...................................................................................................................2
1.3. Market volume .............................................................................................................................. 2
1.4. Market volume forecast ................................................................................................................2
1.5. Category segmentation ................................................................................................................2
1.6. Geography segmentation .............................................................................................................2
1.7. Market rivalry ................................................................................................................................ 2
1.8. Competitive Landscape ................................................................................................................3
2. Market Overview 8
2.1. Market definition ........................................................................................................................... 8
2.2. Market analysis ............................................................................................................................ 8
3. Market Data 10
3.1. Market value ............................................................................................................................... 10
3.2. Market volume ............................................................................................................................ 11
4. Market Segmentation 12
4.1. Category segmentation ..............................................................................................................12
4.2. Geography segmentation ...........................................................................................................13
5. Market Outlook 14
5.1. Market value forecast .................................................................................................................14
5.2. Market volume forecast ..............................................................................................................15
6. Five Forces Analysis 16
6.1. Summary .................................................................................................................................... 16
6.2. Buyer power ............................................................................................................................... 18
6.3. Supplier power ........................................................................................................................... 20
6.4. New entrants .............................................................................................................................. 22

Industry Profiles
6.5. Threat of substitutes ...................................................................................................................24
6.6. Degree of rivalry ......................................................................................................................... 25
7. Competitive Landscape 27
7.1. Who are the leading players?.....................................................................................................27
7.2. Are any notable government schemes or regulations currently having an impact on the industry?27
7.3. Which industry segment is the most up-and-coming?................................................................27
7.4. What are the strategies of leading players? ...............................................................................28
7.5. How will the COVID-19 pandemic affect the market going forward? .........................................28
8. Company Profiles 30
8.1. Scottish Power Ltd .....................................................................................................................30
8.2. RWE Power AG.......................................................................................................................... 32
9. Macroeconomic Indicators 34
9.1. Country data ............................................................................................................................... 34
Appendix 36
Methodology............................................................................................................................................ 36
9.2. Industry associations ..................................................................................................................37
9.3. Related MarketLine research .....................................................................................................38
About MarketLine .................................................................................................................................... 39

Industry Profiles
LIST OF TABLES
Table 1: United Kingdom renewable energy market value: $ billion, 2015–19 10
Table 2: United Kingdom renewable energy market volume: TWh, 2015–19 11
Table 3: United Kingdom renewable energy market category segmentation: TWh, 2019 12
Table 4: United Kingdom renewable energy market geography segmentation: $ billion, 2019 13
Table 5: United Kingdom renewable energy market value forecast: $ billion, 2019–24 14
Table 6: United Kingdom renewable energy market volume forecast: TWh, 2019–24 15
Table 7: Scottish Power Ltd: key facts 30
Table 8: Scottish Power Ltd: Key Employees 31
Table 9: RWE Power AG: key facts 32
Table 10: RWE Power AG: Key Employees 33
Table 11: United Kingdom size of population (million), 2015–19 34
Table 12: United Kingdom gdp (constant 2005 prices, $ billion), 2015–19 34
Table 13: United Kingdom gdp (current prices, $ billion), 2015–19 34
Table 14: United Kingdom inflation, 2015–19 34
Table 15: United Kingdom consumer price index (absolute), 2015–19 35
Table 16: United Kingdom exchange rate, 2015–19 35

Industry Profiles
LIST OF FIGURES
Figure 1: United Kingdom renewable energy market value: $ billion, 2015–19 10
Figure 2: United Kingdom renewable energy market volume: TWh, 2015–19 11
Figure 3: United Kingdom renewable energy market category segmentation: % share, by volume, 2019 12
Figure 4: United Kingdom renewable energy market geography segmentation: % share, by value, 2019 13
Figure 5: United Kingdom renewable energy market value forecast: $ billion, 2019–24 14
Figure 6: United Kingdom renewable energy market volume forecast: TWh, 2019–24 15
Figure 7: Forces driving competition in the renewable energy market in the United Kingdom, 2019 16
Figure 8: Drivers of buyer power in the renewable energy market in the United Kingdom, 2019 18
Figure 9: Drivers of supplier power in the renewable energy market in the United Kingdom, 2019 20
Figure 10: Factors influencing the likelihood of new entrants in the renewable energy market in the United
Kingdom, 2019 22
Figure 11: Factors influencing the threat of substitutes in the renewable energy market in the United
Kingdom, 2019 24
Figure 12: Drivers of degree of rivalry in the renewable energy market in the United Kingdom, 2019 25

Industry Profiles
2. Market Overview
2.1. Market definition

The renewable energy market consists of the net generation of electricity through renewable sources. It is divided into
four segments, these being hydroelectricity, wind energy, solar and other (biomass, geothermal, tide and wave
energy). The volume of the market is calculated as the net volume of electricity produced through renewable means
in terawatt hours (TWh), and the market value has been calculated according to an average of annual domestic and
industrial retail prices per kWH, inclusive of applicable taxes. Any currency conversions used in the creation of this
report have been calculated using constant 2019 annual average exchange rates. Please note that 1 terawatt hour is
identical to 1,000 gigawatt hours (GWh). Figures presented in this report are calculated applying the "middle path"
scenario - this is based on the current situation in countries where the epidemic burst first, like China as a model
countries and the announcements made by governments, stating that the abnormal situation may last up to six
months.
The assumption has been made that after this time the economy will gradually go back to the levels recorded before
the pandemics by the end of the year. It is also assumed that there is no widespread economic crisis as seen back in
2008 due to announced pay-outs across countries.
At the moment of preparation of this report in April 2020 the economic implications of the lock downs of many
economics are still very difficult to predict as there is no indication how long the pandemics could last, the number of
sectors forced to stay closed and the scale of the governmental' aid involved. At the same time the weight of the
pandemic seriousness is applied on the individual countries in this report based on death to population ratio recorded
in countries.
Majority of the industries will see the decline in volume of the goods and services offered by companies. Usually the
lower demand would cause the decrease the prices level. However, amid many governments’ ordered for many
industries to lock down and so the supply chain is distorted that in great pictures mitigate the results of lower
demand.
Applied scenarios differ depending on the individual sector, however generally sectors which involves intensive
manual labor and face to face interaction seem to be hit the most by present situation. On the other hand the internet
based businesses as well as the producers of the vital, subsisted products and services seems to take advantages of
the current events.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
Middle East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.
2.2. Market analysis

Industry Profiles
The UK renewable energy market has grown impressively in the historic period with overall strong double digit
growth. Strong growth is expected to continue in the forecast period, albeit at a decelerated rate. This deceleration is
due to a slowing of growth in 2020 as a result of the coronavirus pandemic.
The UK market accounts for 8.5% of the European market value.
The UK renewable energy market had total revenues of $23.1bn in 2019, representing a compound annual growth
rate (CAGR) of 10.5% between 2015 and 2019. In comparison, the French and German markets grew with CAGRs of
11.4% and 10% respectively, over the same period, to reach respective values of $21.5bn and $71.8bn in 2019.
There has been steady growth across various types of renewable in the UK, but the major increase over the last four
years has been in wind power. The government remains committed to a target to be coal-free by 2025, following
countries like France and Germany, and wind, nuclear and solar generated more electricity than gas and coal
combined for the first time ever in 2017.
Market consumption volume increased with a CAGR of 9.4% between 2015 and 2019, to reach a total of 119.3 TWh in
2019. The market's volume is expected to rise to 170.3 TWh by the end of 2024, representing a CAGR of 7.4% for the
2019-2024 period.
Volumes have increased more or less in line with values, except in 2016, when a significant increase in the price of
electricity maintained value growth despite a slight decline in overall production volume. Volumes continue to be
affected by the general steady decrease in overall electricity consumption in the UK, despite the increasing proportion
of renewables in the fuel mix.
Wind had the highest volume in the UK renewable energy market in 2019, with a total of 64.1 TWh, equivalent to
53.7% of the market's overall volume. In comparison, solar had a volume of 12.7 TWh in 2019, equating to 10.6% of
the market total.
The UK is the global leader in offshore wind power generation. In addition to increased investment and reduced costs
of wind power, slightly higher average wind speeds have boosted this segment. Growth in the wind segment is set to
continue with an expected 50.7% growth in output to reach 96.6 TWh in 2023. Increased capacity in hydropower
offset slightly lower rainfall in 2017, again demonstrating both the weather-dependent nature of the UK’s renewable
power generation and the flexibility gained with a diverse renewables mix.
The performance of the market is forecast to decelerate, with an anticipated CAGR of 7.8% for the five-year period
2019-2024, which is expected to drive the market to a value of $33.5bn by the end of 2024. Comparatively, the French
and German markets will grow with CAGRs of 5.6% and 4.3% respectively, over the same period, to reach respective
values of $28.2bn and $88.8bn in 2024.
In 2020 the ramifications of COVID-19 and the expected global recession are expected to cause a deceleration in the
market. However, this is only expected to be short term as the market returns to healthy growth from 2021 and in
subsequent years. Renewables are still held back by the UK’s reliance on gas, which will need to be tackled to meet
the country’s 2025 target. Natural gas has seen significant growth alongside renewables and still makes up a far bigger
proportion of the fuel mix.

Industry Profiles
3. Market Data
3.1. Market value

The United Kingdom renewable energy market grew by 9.2% in 2019 to reach a value of $23.1 billion.
The compound annual growth rate of the market in the period 2015–19 was 10.5%.
Table 1: United Kingdom renewable energy market value: $ billion, 2015–19
Year $ billion £ billion € billion % Growth

2015 15.4 12.1 13.8
2016 16.3 12.8 14.6 5.8%
2017 19.2 15.1 17.2 17.8%
2018 21.1 16.5 18.9 9.8%
2019 23.1 18.1 20.6 9.2%
CAGR: 2015–19 10.5%
SOURCE: MARKETLINE MARKETLINE
Figure 1: United Kingdom renewable energy market value: $ billion, 2015–19

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3.2. Market volume

The United Kingdom renewable energy market grew by 8.5% in 2019 to reach a volume of 119.3 TWh.
The compound annual growth rate of the market in the period 2015–19 was 9.4%.
Table 2: United Kingdom renewable energy market volume: TWh, 2015–19
Year TWh % Growth

2015 83.4
2016 83.2 (0.1%)
2017 98.8 18.7%
2018 110.0 11.3%
2019 119.3 8.5%
CAGR: 2015–19 9.4%
Figure 2: United Kingdom renewable energy market volume: TWh, 2015–19

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4. Market Segmentation
4.1. Category segmentation

Wind is the largest segment of the renewable energy market in the United Kingdom, accounting for 53.7% of the
market's total volume.
The Other(geothermal,biomass,waste) segment accounts for a further 30.6% of the market.
Table 3: United Kingdom renewable energy market category segmentation: TWh, 2019
Category 2019 %
Wind 64.1 53.7%
Other(geothermal,biomass,waste) 36.6 30.6%
Solar 12.7 10.6%
Hydroelectricity 6.0 5.0%
Total 119.4 99.9%
Figure 3: United Kingdom renewable energy market category segmentation: % share, by volume, 2019

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4.2. Geography segmentation

The United Kingdom accounts for 8.5% of the European renewable energy market value.
Germany accounts for a further 26.6% of the European market.
Table 4: United Kingdom renewable energy market geography segmentation: $ billion, 2019
Geography 2019 %
Germany 71.8 26.6
Italy 29.9 11.1
Spain 24.3 9.0
United Kingdom 23.1 8.5
France 21.5 8.0
Rest Of Europe 99.3 36.8
Total 269.9 100%
Figure 4: United Kingdom renewable energy market geography segmentation: % share, by value, 2019

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5. Market Outlook
5.1. Market value forecast

In 2024, the United Kingdom renewable energy market is forecast to have a value of $33.5 billion, an increase of 45%
since 2019.
The compound annual growth rate of the market in the period 2019–24 is predicted to be 7.8%.
Table 5: United Kingdom renewable energy market value forecast: $ billion, 2019–24
Year $ billion £ billion € billion % Growth

2019 23.1 18.1 20.6 9.2%
2020 24.3 19.0 21.7 5.2%
2021 27.2 21.3 24.3 12.1%
2022 29.5 23.1 26.3 8.4%
2023 31.7 24.8 28.3 7.6%
2024 33.5 26.3 29.9 5.8%
CAGR: 2019–24 7.8%
Figure 5: United Kingdom renewable energy market value forecast: $ billion, 2019–24

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5.2. Market volume forecast

In 2024, the United Kingdom renewable energy market is forecast to have a volume of 170.3 TWh, an increase of
42.8% since 2019.
The compound annual growth rate of the market in the period 2019–24 is predicted to be 7.4%.
Table 6: United Kingdom renewable energy market volume forecast: TWh, 2019–24
Year TWh % Growth

2019 119.3 8.5%
2020 126.2 5.7%
2021 140.4 11.3%
2022 151.2 7.7%
2023 161.6 6.8%
2024 170.3 5.4%
CAGR: 2019–24 7.4%
Figure 6: United Kingdom renewable energy market volume forecast: TWh, 2019–24

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6. Five Forces Analysis

The renewable energy market will be analyzed taking utility companies generating and/or supplying electricity
generated from renewable energy sources as players. The key buyers will be taken as household, commercial,
industrial and other end-users, and biomass fuel producers and manufacturers of power-generating and other heavy
electrical equipment, including power turbines, wind turbines and towers, solar panels, heavy electrical machinery
intended for fixed-use and large electrical systems as the key suppliers.
6.1. Summary
Figure 7: Forces driving competition in the renewable energy market in the United Kingdom, 2019
Buyers in this market are primarily individual consumers, although there is also a demand for renewable energy from
the industrial and commercial markets. Brand loyalty is not a significant factor in this market as switching costs are
low and buyers will be looking for the cheapest provider available. As a consequence, buyer power is strengthened
due to this lack of brand loyalty, although this factor is countered by the fact that switching costs tend to be higher for
industrial enterprises since they will usually enter into fixed term contracts with energy providers, making it difficult to
switch for long periods of time.
The main suppliers in this market are manufacturers of power generating equipment (wind turbines and solar panels,
for example) and infrastructure construction companies. Such suppliers design, test, manufacture and assist with the
operation and maintenance of power generation equipment. They are usually large in size and not very numerous due
to their specialty, which usually increases supplier power.
Barriers to entry in this market include the economies of scale required. Producing enough renewable energy on a
scale that will be profitable can be difficult for new entrants, especially as current technology is still rather inefficient.
As technology improves, this should become less of an issue for new entrants. Presently, however, significant capital
outlay is required in order to secure a profitable portfolio of renewable energy generation assets and the presence of

Industry Profiles
large vertically integrated companies involved in various stages of power generation, distribution and sales, makes it
quite hard for newcomers to compete. In some cases, the capital outlay required to build or acquire certain
generation assets is prohibitively high for newcomers, as is the case with the construction of new hydroelectric dams.
This landscape has been changing in the last few years thanks to the rapidly falling cost of wind and solar power
equipment in many countries, a trend which is expected to continue.
The most direct substitute for renewable energy is energy generated from alternative sources, such as nuclear power,
or fossil fuels such as oil, gas, and coal. Although electricity itself is always the same no matter how it is generated,
buyers deciding between the merits of renewable and non-renewable energy may consider issues such as
environmental impact, long-term energy security, and price.

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6.2. Buyer power

Figure 8: Drivers of buyer power in the renewable energy market in the United Kingdom, 2019
Buyers in this market are primarily individual consumers, although there is also a demand for renewable energy from
the industrial and commercial markets. For example, Tesco has a long-term goal of becoming a “zero carbon retailer”
by 2050. South Korean giant Samsung, which is also incidentally a supplier to this market, has also pledged to use
100% renewable energy across its company in the US, Europe and China by 2020. However, many industrial buyers
draw their energy from non-renewable sources, as they are generally able to provide the necessary volumes at lower
prices.
Despite there usually being no input costs for renewable energy (wind, sunlight, geothermal heat) and renewable
generators being cheap to run, the cost of building renewable energy infrastructure can be high. For example,
connecting to the grid can be costly as the best sites for renewable energy plants are often far from urban areas (such
as on hillsides or rural areas). Furthermore, many renewable generators only produce power intermittently depending
on weather conditions. This results in companies having to maintain traditional power plants ready to fire up when
renewable output drops.
With regards to pollution specifically, in 2016, the Royal College of Physicians estimated that air pollution in the UK
causes approximately 40,000 premature deaths, over 6 million sick days and an estimated total social cost of £22.6bn
($29bn) per year. For environmental reasons, some consumers may prefer to use electricity from renewable energy
sources, especially as awareness of global warming and the cost of pollution increases. However, this is by no means
an indispensable commodity. The widespread availability of electricity from non-renewable sources decreases
consumer reliance on renewable energy and this in turn increases buyer power.
In the case of individual consumers, the sheer number of buyers in this market, coupled with their small size, means
losing one customer will not have a significant impact on the revenues of a player. This naturally weakens buyer
power considerably.
Brand loyalty is not a significant factor in this market as switching costs are low and buyers will be looking for the
cheapest provider available. As a consequence, buyer power is strengthened due to this lack of brand loyalty,
although this factor is countered by the fact that switching costs tend to be higher for industrial enterprises since they
will usually enter into fixed term contracts with energy providers, making it harder for them to switch during the
duration of the contract in question.
Backward integration does occur in the renewable energy market, albeit usually on a small scale. As smaller wind
turbines and solar panels have become more readily available in the mass market, it has slowly become more and

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more popular for individual households and some businesses to generate their own electricity using these mediums.
This again increases buyer power. However, in the UK, this form of backwards integration is slowing down, particularly
with regards to solar power. In 2016, a cut of 65% to the feed-in tariff for solar panels on residential and commercial
buildings was announced, but in 2018, growth in solar energy production had recovered and the rate of growth had
increased.
Overall, buyer power is assessed to be moderate.

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6.3. Supplier power

Figure 9: Drivers of supplier power in the renewable energy market in the United Kingdom, 2019
The main suppliers in this market are manufacturers of power generating equipment (wind turbines and solar panels,
for example) and infrastructure construction companies. Such suppliers design, test, manufacture and assist with the
operation and maintenance of power generation equipment. They are usually large in size, such as Siemens and
Vestas, and not very numerous due to their specialty, which usually increases supplier power. However, in this
instance, the market players which purchase the supplier's equipment also tend to be large companies with strong
financial muscle and significant bargaining power, hence countering the power of the suppliers.
Switching costs can be significant as fixed contracts for a supplier’s services/products are usually in place, and it can
be extremely costly for a market player to break the contract and move to another supplier. As a consequence,
supplier power is strengthened by the existence of these fixed contracts.
Many suppliers of renewable energy generation equipment, especially of solar panels, tend to be heavily dependent
on revenues generated in the renewable energy market, as the product they offer is rather market specific. This
reduces supplier power somewhat. However, the renewable energy market is projected to grow in the UK, which will
create new revenue opportunities and the prospect for greater diversification for green power generation equipment
suppliers.
The number of suppliers in the market will, however, also be heavily affected by government policy as the renewable
energy market is still rather reliant financially on state subsidies. Proposed cuts in subsidies to the market could thus
have an impact on the number of suppliers in the market. A lower numbers of suppliers in the market overall
increases supplier power.
The quality of equipment expected in this market is very high as players require the most efficient and reliable
equipment available in order to control costs and ensure maximum returns on their investments. As a result, suppliers
find themselves in a position of power as players are more willing to pay a premium cost for high quality equipment
and materials. Many players selling electricity to end-users are vertically integrated; however, it is unlikely, although
not unheard of, that players will integrate backwards into the suppliers’ areas of operation. Factories in China
manufacture near 70% of the global supply of solar panels, with 10% to 15% of it coming from Chinese companies
operating in Southeast Asia. In February, facilities in China paused or reduced production because of virus-related
lockdowns in several key provinces. At the same time, most plants in Southeast Asia, India and the US remained open.
Despite some shipment delays, the supply chain in China is up and running again, with factories resuming production
but with the necessary health precautions.

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The wind energy supply chain is more globally interconnected in comparison. Europe is a major manufacturing center
for wind turbines, and European factories initially experienced disruptions to the supply of parts coming from China in
February. Manufacturing facilities across the continent were closed in mid-March due to strict confinement measures.
In addition, the lockdown in India of most non-essential manufacturing facilities, such as wind turbine and solar PV
component manufacturers, meant they were closed until mid-April. The effects are being felt in the US, with suppliers
warning developers about possible delivery delays.
Overall, supplier power is assessed as moderate.

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6.4. New entrants

Figure 10: Factors influencing the likelihood of new entrants in the renewable energy market in the United Kingdom, 2019
The UK market has seen extremely good growth in recent years, which will encourage new entrants. In fact, the UK is
expected to become the fourth largest renewable energy market in Europe in the forecast period. 2020 will see
decelerated growth due to the effects of the coronavirus, but it will remain strong and will perform well, particularly
in comparison to France and Germany which willl decline, helping attract potential new entrants. The UK is obliged to
adhere to EU Directive 2009/28/EC, which requires that by 2020, at least 20% of the energy consumed within the
European Union should come from renewable sources, with the specific target for the UK set at 15%. The UK went a
full day without using coal in April 2017, for the first time since the 1880s, and the last coal plants should be phased
out by 2025; the UK’s energy system is rapidly turning to renewable resources instead. This offers an attractive
prospect to potential new entrants.
However, significant barriers to entry exist, which may prevent new entrants from successfully entering the market.
One such barrier is the economies of scale associated with this market. Producing enough renewable energy on a
scale that will be profitable can be difficult for new entrants, especially as current technology is still rather inefficient.
As technology improves, this should become less of an issue for new entrants. Presently, however, significant capital
outlay is required in order to secure a profitable portfolio of renewable energy generation assets and the presence of
large vertically integrated companies involved in various stages of power generation, distribution and sales, makes it
quite hard for newcomers to compete. In some cases, the capital outlay required to build or acquire certain
generation assets is prohibitively high for newcomers, as is the case with the construction of new hydroelectric dams.
Along with the above, there is a relatively high level of technology and IP involved in establishing wind/solar farms and
hydroelectric and geothermal power plants. It may also be difficult to get planning permission to build all the
necessary infrastructure for these farms and power plants.
It is possible for new entrants to enter the market purely as green energy providers, as many end-users who are
increasingly aware of the effects of climate change may only want to consume “green energy”. The market is still
rather reliant on government subsidies for its financial viability, but these are generally more favorable than
prohibitive.
In the case of utility companies intending to purchase electricity from third party suppliers and operate purely as
retailers, entry barriers include the necessity of finding suitable and reliable suppliers. Also, transport capacity may be
limited by the size and geographical reach of the domestic electricity grid. Additionally, it may be difficult to obtain

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access to distribution infrastructure and it is sometimes observed that customers rarely switch providers, even where
it is possible. This works to discourage new entrants as well.
Despite all of this, however, the strong growth of this market in recent times and healthy forecasts for the future will
attract new entrants.
Overall, the threat of new entrants is assessed as moderate.

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6.5. Threat of substitutes

Figure 11: Factors influencing the threat of substitutes in the renewable energy market in the United Kingdom, 2019
The most direct substitute for renewable energy is energy generated from alternative sources, such as nuclear power,
or fossil fuels such as oil, gas, and coal.
Although electricity itself is always the same no matter how it is generated, buyers deciding between the merits of
renewable and non-renewable energy may consider issues such as environmental impact, long-term energy security,
and price.
Renewable energy technologies have not yet matured to the point that they can completely replace existing
generation but they play a significant role by contributing to energy security and independence. That said, economies
of scale mean that alternative sources such as fossil fuels and nuclear energy are deemed acceptable alternatives,
even with the associated environmental and health risks involved. However, increasing awareness regarding climate
change, as well as several high profile environmental disasters in recent times, such as the 2010 Gulf of Mexico oil spill
and the 2011 Fukushima nuclear disaster along with EU directives, have led to an increasing pressure on the
government to move away from fossil fuels and nuclear power to renewable energy.
Non-renewable sources of energy remain the primary energy source for the vast majority of nations worldwide.
However, whether or not they are a cheaper alternative is debatable given that hidden costs such as environmental
damage and health risks are not reflected in electricity prices. Pollution on its own, according to one estimate, could
be costing the UK up to £10bn a year. Furthermore, the price of fossil fuels is subject to external pressures and events,
which results in unpredictable fluctuations in price, most notably in oil and gas.
Another substitute to renewable energy is self-generation. More and more homes and businesses are installing
equipment to generate their own electricity. Whether they are solar panels or small wind turbines, this equipment is
reducing their reliance on utility companies. Although it can take many years before self-generation pays for itself,
once that threshold has been reached, it becomes a far more cost effective substitute than purchasing energy from
utility companies. However, in the UK, this form of substitute is slowing down, particularly with regards to solar
power, one of the most popular means of self-generation.
Overall, the threat of substitutes is assessed as moderate.

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6.6. Degree of rivalry

Figure 12: Drivers of degree of rivalry in the renewable energy market in the United Kingdom, 2019
The large size of competitors in the renewable energy market tends to increase rivalry, as bigger players are able to
compete more formidably. Larger companies, such as E.ON, can exploit economies of scale, invest more in brand
building and advertising, and are able to respond more robustly to any perceived threat against their market share. Oil
and gas companies are also beginning to diversify into renewable energy, further increasing rivalry due to their size
and power.
However, the large size of competitors is balanced out somewhat by the relatively small number of companies
operating in the renewable energy market, as the high fixed costs involved when entering the market can deter
potential rivals. This reduces rivalry to some extent.
It is fairly difficult to expand capacity in the renewable energy market as new plants are expensive and construction is
time consuming. Supply chain bottlenecks can also increase the degree of rivalry. Along with this, cuts in government
subsidies could affect the number of suppliers and players in the market significantly.
Furthermore, many renewable plants such as wind and solar farms do not operate at their optimum capacity due to
their dependence on specific weather conditions. Wind turbines, for example, spend on average two thirds of their
operational life stood idle. Hydroelectric dams are susceptible to drought conditions. Factors such as these contribute
to rivalry if players find their market operations underperforming.
Another factor contributing to rivalry is the potentially tricky nature of any exit from this market. Due to the
specialized nature of the machinery and equipment involved, the divestment of assets may be difficult due to the
limited number of companies able to make use of them. Furthermore, the high fixed costs associated with purchasing
and installing the relevant equipment also discourages players from leaving the market. Once the energy is produced,
it also needs to be stored and the costs involved in this process also add to the degree of rivalry in this market.
Most companies operating in the renewable energy market maintain an energy mix with a diverse portfolio using both
renewable and non-renewable sources. This helps keep rivalry in check as they are not relying on one energy source
solely. The similarity of players also helps maintain rivalry at a moderate level as companies are better able to predict
the actions and behavior of rivals. Global growth of renewable energy is expected to slow as a result of COVID-19, as

Industry Profiles
developers will build fewer wind farms and solar energy projects. This will increase rivalry amongst firms. However,
the UK is expected to hold up well reducing rivalry somewhat. The International Energy Agency (IEA) has argued that it
is the critical government decisions made in the coming years that will support a green economic recovery. There are
fears countries will look to fossil fuels as a means of quick economic recovery, which would be damaging to the
market and leading firms.
To meet current climate goals, even faster deployment of renewables will be needed. However, without government
action, the crisis caused by COVID-19 could considerably disrupt their momentum. Renewable policies in China, the
European Union, the US and India were expected to drive this rapid expansion. This will slow down but the extent
depends on government strategy and choices by energy firms.
Overall the degree of rivalry is assessed as moderate.

Industry Profiles
7. Competitive Landscape
The UK renewable energy market has performed strongly in recent years. It is set to decelerate in 2020 due to the
coronavirus pandemic but will still grow strongly unlike other major European markets. The cancellation of feed-in
tariffs for renewable energy projects has severely dampened competition in the UK industry. However, the UK still
remains a leader in offshore wind, which is its leading renewable source and will continue to draw investment and
new entrants.
7.1. Who are the leading players?

Scottish Power, a subsidiary of Iberdrola SA, is one of the leading UK energy firms. In 2018 it became the first of the
UK’s ‘big 6’ energy providers to switch completely to renewable power, specifically wind power, selling off the last of
its natural gas power assets to the Drax Group. The $1.95bn East Anglia ONE offshore windfarm was the company’s
biggest project in 2018, coming online in 2019. Scottish Power has a reputation as a developer of onshore wind farms
with a conversion rate of MW capacity from planning to consent of around 90%. It is also one of the leading
developers and operators of offshore wind in the UK. The company also supports the UK government’s plans for
investments in renewable generation and the electricity system, including flexibility and storage.
RWE is a German energy company whose subsidiary Innogy is a market leader in the UK renewable energy business.
Innogy recently merged assets with npower and E.ON, two of the ‘big 6’ energy providers, taking over significant
renewable energy assets. These developments have come as E.ON announces that it is switching 3.3 million
customers to renewable electricity, making it a powerful influence in the renewables market.
7.2. Are any notable government schemes or regulations currently

having an impact on the industry?
Investment in renewable energy in the UK fell by 56% in 2017 following the cancellation of feed-in tariffs for solar
power the previous year; there had also been a withdrawal of support for onshore wind farms, the sale of the Green
Investment Bank, and the cancellation of the Carbon Capture and Storage Competition. In July 2018, it was also
announced that the feed-in tariff scheme would come to an end in the UK in 2019, and this has gone ahead. The
cancellation of the tariff, which required energy companies to offer fixed and above-market prices for renewable
energy, was justified on the basis of rapidly falling prices and a surfeit of small companies with poor prospects that
were being enticed by the funding. Renewables made up almost half of Britain’s electricity generation in the first
quarter of 2020, with a surge in wind power helping to set a new record for clean energy. Official government data
has revealed that renewable energy made up 47% of the UK’s electricity, breaking previous quarterly record of 39%
set last year.
It is uncertain for the time being how the solar market will fare now. The impact of the UK’s exit from the European
Union on the renewables market as a whole also remains to be seen, but the current government does have
ambitious carbon reduction targets in place.
7.3. Which industry segment is the most up-and-coming?

Wind is already the most capacious renewable energy source for the UK, but it is certainly still up-and-coming. The UK
has the highest installed capacity of offshore wind farms in the world, and current targets are for a 30 GW capacity,

Industry Profiles
representing around a third of the country’s total electricity consumption, by 2030. Not only are offshore wind
auctions likely for the promotion of growth in the UK’s capacity, but the government has announced that it also
intends for wind technology and services to become a major British export. With this double backing of the segment,
wind looks set to continue growing as the country’s leading renewable energy source.
In September 2019, E.ON welcomed the approval of its application for Enoch Hill Wind Farm by the Scottish
Government following a Public Inquiry. The 16-turbine site will be located west of New Cumnock in East Ayrshire and
will be capable of producing around 54.4MW of electricity. Further to this, in May 2020 ScottishPower has announced
the development of two wind farms in Scotland with a total power-generating capacity of 165MW. As part of the
project, ScottishPower has acquired the wind farm developments from 3R Energy and Mitchell Energy, which will be
located near Douglas in South Lanarkshire, 35 miles south of Glasgow. The project also includes repowering of the
company’s first wind farm Hagshaw Hill, which was acquired back in 1996.
7.4. What are the strategies of leading players?

In March 2020, E.ON and Kraken Technologies, part of Octopus Energy Group, announced they have entered a
strategic partnership regarding E.ON’s UK residential and SME energy retail businesses. As part of the partnership,
E.ON will establish the subsidiary E.ONnext. E.ONnext will use the innovative customer platform of Kraken
Technologies and work in close cooperation with Kraken Technologies. The E.ONnext brand promises sustainability,
customer focus and cost efficiency based on future-proof technology.
E.ON is also offering homeowners looking to fit solar panels once the opportunity to get paid for the power they
supply to the grid with ‘Solar Reward’ This incentive is a new payment scheme designed to continue rewarding
customers who invest in solar energy ahead of the closure of the Government’s Feed-in Tariff (FiT) subsidy scheme
Scottish Power has been driving forward Glasgow's first electric community transport service in 2020. The network
operator is supporting Community Transport Glasgow, who work in partnership with Glasgow City Council, to use
these new buses as social transport - making it Scotland’s first community transport service with an all-electric fleet.
Furthermore, clean, green energy produced in South West Scotland will soon be powering homes and businesses
across the country thanks to a new smart solution developed by Scottish Power Energy Networks in partnership with
Smarter Grid Solutions (SGS). This will help transport excess renewable energy produced locally in Dumfries and
Galloway to other areas of the country with higher demand.
7.5. How will the COVID-19 pandemic affect the market going
forward?
The coronavirus pandemic was confirmed to have reached the UK in January 2020. The current official number of
cases, as of July 2020, is around 313,000. As a result, the country was put under strict social distancing measures to
prevent further spread of the virus. These measures effectively ground the country to a halt in parts. Furthermore, a
consequence of the pandemic will be a severe global economic recession. COVID-19 is set to cause global growth of
renewable energy to slow for the first time in 20 years, as a result the development of wind farms and solar energy
projects is likely to fall. Leading players will have to be economically prudent, therefore wide scale deployment
operations are unlikely. Unless government subsidies are in place to help meet targets leading players will not have
the funds to continue pre-COVID-19 levels of infrastructure building and development. To meet current climate goals
even faster deployment of renewables will be needed. However, without government action, the crisis caused by the
COVID-19 pandemic could make this impossible for leading players. However, the UK market is expected to grow
strongly in spite of the pandemic and with commitments to reducing emissions the market should not suffer as it may
elsewhere across the world.

Industry Profiles
British energy suppliers E.ON UK and Npower, both owned by Germany's E.ON, furloughed around 4,000 workers
amid a government lockdown which prevented staff such as smart meter readers and engineers from carrying out
roles. This demonstrates the economic difficulty facing energy firms.
Scottish Power has been working to protect power supplies to critical sites such as hospitals and care homes including
new field hospitals like the NHS Louisa Jordan in Glasgow and six others in North Wales. This in addition to food supply
chain businesses and key national security facilities that were kept in operation to support the country.

Industry Profiles
8. Company Profiles
8.1. Scottish Power Ltd
8.1.1. Company Overview
Scottish Power Ltd (Scottish Power), a subsidiary of Iberdrola SA, is an electric utility company which generates,
transmits, and distributes electricity, supplies gas, and provides energy management services. The company produces
electricity from gas, hydro, and on-shore and off-shore wind electricity generation assets. Scottish Power also
operates gas storage facilities. It purchases gas and emissions allowances for the generation of electricity, electricity
and gas for onward sale to customers, and optimizes gas storage. The company originates, develops, constructs, and
operates renewable energy assets across the UK, and Ireland. Scottish Power is headquartered in Glasgow, Scotland,
the UK.
8.1.2. Key Facts
Table 7: Scottish Power Ltd: key facts
Head office: 320 St. Vincent Street Glasgow, Scotland, United Kingdom
Number of Employees: 5611
Website: www.scottishpower.com
Financial year-end: December
SOURCE: COMPANY WEBSITE MARKETLINE
8.1.3. Business Description
Scottish Power Ltd (Scottish Power) is an electric utility company which generates, transmits, and distributes
electricity, supplies gas, and provides energy management services. It also has a presence in the wind energy value
chain creation and operations in the UK, France, Ireland, and Germany.
Scottish Power operates its business through three segments: Energy Wholesale and Retail, Energy Networks, and
Renewables:

Industry Profiles
Table 8: Scottish Power Ltd: Key Employees
Name Job Title Board

Andrew Lappin Director Corporate Affairs Senior Management
Charles Langan Director Procurement and Insurance Director Senior Management
Colin McNeill Director UK Retail Senior Management
Dame Nicola Brewer Director Non Executive Board
David Wark Director Finance Senior Management
Frank Mitchell Chief Executive Officer SP Energy Networks Senior Management
Inigo Fernandez de Mesa Vargas Director Non Executive Board
James McDonald Director Non Executive Board
Managing Director Iberdrola Renewables
Jonathan Cole Senior Management
Offshore Wind Division
Jose Ignacio Sanchez Galan Chairman Non Executive Board
Jose Sainz Armada Director Non Executive Board
Juan Carlos Rebollo Liceaga Director Non Executive Board
Keith Anderson Chief Executive Officer Scottish Power Executive Board
Keith Anderson Director Executive Board
Kinlochard Vice Chairman Non Executive Board
Chief Executive Officer Scottish Power
Lindsay McQuade Senior Management
Renewables
Marion Venman General Counsel Senior Management
Sheila Duncan Director Human Resources Senior Management
Suzanne Fox Director Non Executive Board
SOURCE: COMPANY FILINGS MARKETLINE

Industry Profiles
8.2. RWE Power AG
8.2.1. Company Overview
RWE Power AG (RWE Power), a subsidiary of RWE AG is a power company engaged in energy production and
electricity generation. The company is engaged in reducing carbon dioxide and generating coal-fired electricity
through its power plants and power storage facilities such as carbon capture and storage (CCS) demonstration plant,
and post combustion capture (PCC). RWE Power also focuses on developing power storage technology such as ADELE
(adiabatic compressed-air energy storage (CAES) for electricity supply). Additionally the company owns and operates
nuclear power plants, lignite-fired power stations, and hydraulic power stations. Its nuclear power stations include
Emsland nuclear-power station, Biblis power plant and Gundremmingen nuclear-power station. RWE Power’s lignite-
fired power generation facilities comprise Frimmersdorf power plant, Niederaussem power plant, Goldenberg power
plant, Neurath power plant and Weisweiler power plant. The company also operates hydroelectric power stations in
Germany. Its lignite assets include Garzweiler opencast mine, Inden opencast mine, and others. The company has
operations in Essen and Koln, Germany. RWE Power is headquartered in Essen, Germany.
8.2.2. Key Facts
Table 9: RWE Power AG: key facts
Head office: Huyssenallee 2 Essen, Nordrhein-Westfalen, Germany

Website: www.rwe.com
Financial year-end: April
SOURCE: COMPANY WEBSITE MARKETLINE

Industry Profiles
Table 10: RWE Power AG: Key Employees
Name Job Title Board

Frank Weigand Chief Financial Officer Executive Board
Frank Weigand Director Executive Board
Lars Kulik Director Non Executive Board
Matthias Hartung Chief Executive Officer Executive Board
Matthias Hartung Director Executive Board
SOURCE: COMPANY FILINGS MARKETLINE

Industry Profiles
9. Macroeconomic Indicators
9.1. Country data
Table 11: United Kingdom size of population (million), 2015–19
Year Population (million) % Growth

2015 64.8 0.6%
2016 65.2 0.6%
2017 65.5 0.5%
2018 65.9 0.5%
2019 66.2 0.5%
Table 12: United Kingdom gdp (constant 2005 prices, $ billion), 2015–19
Year Constant 2005 Prices, $ billion % Growth

2015 2,576.1 2.8%
2016 2,641.3 2.5%
2017 2,705.7 2.4%
2018 2,772.3 2.5%
2019 2,841.2 2.5%
Table 13: United Kingdom gdp (current prices, $ billion), 2015–19
Year Current Prices, $ billion % Growth

2015 2,979.4 4.4%
2016 3,107.0 4.3%
2017 3,243.4 4.4%
2018 3,389.9 4.5%
2019 3,544.9 4.6%
Table 14: United Kingdom inflation, 2015–19

Industry Profiles
Year Inflation Rate (%)

2015 1.8%
2016 2.1%
2017 2.0%
2018 2.0%
2019 2.1%
Table 15: United Kingdom consumer price index (absolute), 2015–19
Year Consumer Price Index (2005 = 100)

2015 130.5
2016 133.2
2017 135.8
2018 138.6
2019 141.5
Table 16: United Kingdom exchange rate, 2015–19
Year Exchange rate ($/£) Exchange rate (€/£)

2015 0.6544 0.7260
2016 0.7407 0.8192
2017 0.7760 0.8770
2018 0.7502 0.8850
2019 0.7837 0.8779

Industry Profiles
Appendix
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company
profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of
each definition are carefully reviewed at the start of the research process to ensure they match the requirements of
both the market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and
trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data
to be combined with related macroeconomic and demographic drivers to create market models and forecasts, which
can then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

Industry Profiles
9.2. Industry associations
9.2.1. Renewable Energy Association
9.2.2.
9.2.3.
Elliot House, 10 - 12 Allington Street, London, SW1E 5EH, GBR

Tel.: 44 20 7925 3570
Fax: 44 20 7925 2715
www.r-e-a.net
9.2.4. British Hydropower Association (BHA)
Unit 12 Riverside Park, Station Road, Wimborne DORSET BH21 1QU, GBR
Tel.: 44 1202 886622
Fax: 44 1202 886609
www.british-hydro.org
9.2.5. The European Association for Renewable Energy
Kaiser-Friedrich-Straße 11, D-53113 Bonn, DEU

Tel.: 49 228 362373
Fax: 49 228 361279
www.eurosolar.deen
9.2.6. International Renewable Energy Agency (IRENA)
Chamber of Commerce & Industry Tower, Old Airport Road (Sheikh Rashid bin Saeed Maktoum Street/2nd Street),
Abu Dhabi Corniche/1st Street, Abu Dhabi, ARE
www.irena.org
9.2.7. European Renewable Energy Council
9.2.8.
Renewable Energy House, Rue d'Arlon 63-67, B-1040 Brussels, BEL

Industry Profiles
Tel.: 32 2 546 19 33
Fax: 32 2 546 19 34
www.erec.org
9.3. Related MarketLine research
9.3.1. Industry Profile
Global Renewable Energy

Renewable Energy in Europe
Renewable Energy in Asia-Pacific
Renewable Energy in the United States
Renewable Energy in China

Industry Profiles
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MarketLine Industry Profile

Renewable Energy in the United Kingdom

Reference Code: 0183-0668

Publication Date: August 2020

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1

1.1. Market value

1.2. Market value forecast

1.3. Market volume

1.4. Market volume forecast

1.5. Category segmentation

1.6. Geography segmentation

1.7. Market rivalry

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2

1.8. Competitive Landscape

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 3

1.1. Market value ................................................................................................................................. 2

1.2. Market value forecast ...................................................................................................................2

1.3. Market volume .............................................................................................................................. 2

1.4. Market volume forecast ................................................................................................................2

1.5. Category segmentation ................................................................................................................2

1.6. Geography segmentation .............................................................................................................2

1.7. Market rivalry ................................................................................................................................ 2

1.8. Competitive Landscape ................................................................................................................3

2.1. Market definition ........................................................................................................................... 8

2.2. Market analysis ............................................................................................................................ 8

3.1. Market value ............................................................................................................................... 10

3.2. Market volume ............................................................................................................................ 11

4.1. Category segmentation ..............................................................................................................12

4.2. Geography segmentation ...........................................................................................................13

5.1. Market value forecast .................................................................................................................14

5.2. Market volume forecast ..............................................................................................................15

6. Five Forces Analysis 16

6.1. Summary .................................................................................................................................... 16

6.2. Buyer power ............................................................................................................................... 18

6.3. Supplier power ........................................................................................................................... 20

6.4. New entrants .............................................................................................................................. 22

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 4

6.5. Threat of substitutes ...................................................................................................................24

6.6. Degree of rivalry ......................................................................................................................... 25

7.1. Who are the leading players?.....................................................................................................27

7.3. Which industry segment is the most up-and-coming?................................................................27

7.4. What are the strategies of leading players? ...............................................................................28

8.1. Scottish Power Ltd .....................................................................................................................30

8.2. RWE Power AG.......................................................................................................................... 32

9.1. Country data ............................................................................................................................... 34

9.2. Industry associations ..................................................................................................................37

9.3. Related MarketLine research .....................................................................................................38

About MarketLine .................................................................................................................................... 39

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 5

Table 2: United Kingdom renewable energy market volume: TWh, 2015–19 11

Table 7: Scottish Power Ltd: key facts 30

Table 8: Scottish Power Ltd: Key Employees 31

Table 9: RWE Power AG: key facts 32

Table 10: RWE Power AG: Key Employees 33

Table 11: United Kingdom size of population (million), 2015–19 34

Table 13: United Kingdom gdp (current prices, $ billion), 2015–19 34

Table 14: United Kingdom inflation, 2015–19 34

Table 15: United Kingdom consumer price index (absolute), 2015–19 35

Table 16: United Kingdom exchange rate, 2015–19 35