Market Insight Report Renewable energy records in 2023
April 2024
The energy market is constantly changing. Here is a guide of renewable power changes.
In Q1 2024, renewable power generation very nearly hit the highest recorded quarterly figure set in Q3 2023
Q3 2023 wind, solar, hydro and biomass energy shot up to 51.2%1. These sources generated 24TWh (Terawatt hours of energy)
Non-renewable and low-carbon sources drastically dropped in comparison, to 30.6 TWh
In Q3 2023 renewable energy accounted for 44% of the UK’s power mix. This was up by 9% from the Q3 2022
Wind
Wind generated 34% of UK electricity Q1 of 2024. It makes up 25% of the power mix. Wind is expected to produce more in the upcoming months, especially as the second largest pipeline of offshore wind projects globally 2. Onshore wind capacity also hit a milestone of 17 GW (gigawatts) of electricity in March 3. This is definitely a renewable technology to watch as a major contributor to net zero.
Biomass, solar and hydro energy
Conversely, biomass saw a decline in generation from past quarters, experiencing a 33% drop this year and accounting for 6% of the power mix. As biomass fell, underdogs crept up in the form of hydro and solar panels. Energy production by solar panels only slightly increased by 0.3 TWh this quarter but ultimately made up 2% of the power mix. However, hydro surged by 38% this year, making a meaningful addition to the renewable energy market.
Low carbon, Nuclear and fossil fuels
Despite green efforts, use of fossil fuels is unavoidable until it is possible for the source to be phased out. This quarter, fossil fuel generation accounted for 36% of the UK power mix. Gas made up over 66% of power generation at 29% and up to 33% of the power mix within the category of fossil fuels. This has declined by 12% compared to 2022.
Nuclear levels in the power mix dropped to a low of 12%. Although unusual, this can be attributed to multiple temporary outages in nuclear power plants across the UK in Haysham, Torness and Hartlepool 4.
Energy imports
The UK imported much more power than previous quarters, increasing substantially by 34%, making up 11% of total consumption. In this quarter, the top exporters were France and Norway.
In general, renewable power sources have driven massive change in the energy market. Overall, total power generation in the UK (excluding exports) declined in this quarter. Producing 62.3 TWh, it was the lowest third quarter on record. These downward trends can be explained by looking at the energy demand. In the UK and Europe, a warmer winter meant a lower demand compared to the pre-energy crisis period. The alternative cause is the increase of embedded power generation such as solar which negates demand.
Renewable power continues to change the energy landscape as we know it and perhaps one day will cement itself as our sole source of power generation.
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Additional information
Breaking records: The UK’s renewable energy in numbers, National Grid, 9 January 2024
Offshore wind industry unveils Industrial Growth Plan to triple supply chain manufacturing, Renewable UK 17 April 2024
EDF delays restart of UK's Heysham 1 and Hartlepool nuclear reactors, Reuters, 20 February 2024
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