In the second half of 2021 and early 2022, we saw a significant increase in global energy prices, buoyed by the recovery in the global economy. Russia’s invasion of Ukraine led to another dramatic spike in prices, although these have now recoiled to nearer pre-invasion levels.
But as the conflict in Ukraine continues, people are asking what implications this will have on the global energy market in the medium-to-longer term?
Renewable energy already dominates new power generation investment, with an estimated $300 billion invested globally in 2022. Investment levels will now be higher in Europe as countries place a greater emphasis on energy security. The government previously outlined its ambitious plans to boost future growth, and the current 10-year forecast looks promising.
Growth plans centre around new offshore wind developments, which promise to support the UK meet its Net Zero ambitions. This will create significant investment opportunities for equipment OEMs, project developers and after-service producers. It will also benefit the global energy storage market, with a greater volume of short (0-3 hours) duration projects to ensure grid reliability and longer-term storage (4-24 hours) to minimise renewable curtailment.
Russia’s invasion of Ukraine has brought about calls to embargo the oil and gas exports that support the country’s economy, which could present an opportunity for growth plan acceleration that will support the green transition and enable the UK to become self-sufficient.
What is clear is that the government continues to maintain its promise to prioritise green energy growth across the country, and with such ambitious plans comes a demand for a skilled and robust workforce.
For the UK to become self-sufficient and rely on renewable energy sources to power the national grid, there must be a capable workforce at the epicentre of the plans.
There has never been a better time to begin a career in the wind industry, especially for residents of Northern regions. Several multi-million-pound developments are underway, with many others in the pre-development stages. If you are considering a new career in renewables, now is the time to leap.
