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Highlights
- The UK has a booming wind farm industry, and it is the world leader in offshore
- The dispute between the UK and EU might be dragged to the WTO.
- There was a decline of 30% in wind farm energy generation from July to September 2021 as compared to the same period in 2020.
The UK has a booming wind farm industry, and it is the world leader in offshore wind. However, Brussels is planning to take legal action against the UK as the European Union (EU) is asking for access to the UK’s wind farm industry. The European Commission is looking into the profitable contracts. The Boris Johnson government is preparing to fight off the European Commission claims. Sources said that the matter might get dragged to the World Trade Organisation (WTO).
This development was accompanied by the release of the latest government data showing the hurdles associated with transitioning to renewable energy. According to the data, there was a decline of 30% in wind farm energy generation from July to September 2021 as compared to the same period in 2020, owing to the wind speeds falling to their lowest level. Gas helped in compensating for the void, and thus fossil fuels generation went up by 2.5% as compared to 2020, reaching 45% of electricity.
Despite all this, the UK government is determined to achieve its net zero goals. By the end of this decade, it aims to increase its offshore capacity by four times to 40GW. Last year, the new offshore wind factories in the UK were flushed with investments worth around £1 billion, according to the trade body RenewableUK. Earlier this week, Energy Minister Greg Hands stated that the maximum potential of the seas around the UK can be discovered through offshore wind farms.
Let’s take a look at 5 FTSE stocks that may be worth buying now.
RELATED READ: Is it right time to invest in FTSE renewable energy stocks?
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Greencoat UK Wind PLC (LON: UKW)
The market cap of the leading FTSE250-listed renewable infrastructure fund, Greencoat UK Wind PLC, stands at £ 3,021.60 million and it has provided a return of 2.02% to its shareholders in the last one year as of 28 January 2022. Greencoat UK Wind Plc’s shares were trading at GBX 141.40, down by 0.42%, around 9.30 AM, on 28 January 2022.
Greencoat Renewables PLC (LON: GRP)
The market cap of the FTSE AIM 100 Index-listed investment firm, Greencoat Renewables PLC, stands at £861.23 million and it has provided a return of -3.31% to its shareholders in the last one year as of 28 January 2022. Greencoat Renewables Plc’s shares were trading at EUR 1.16, around 9.30 AM, on 28 January 2022.
The Renewables Infrastructure Group (LON: TRIG)
The market cap of the FTSE250-listed investment trust stands at £2,947.42 million and it has provided a return of 2.42% to its shareholders in the last one year as of 28 January 2022. Renewables Infrastructure Group’s shares were trading at GBX £129.20, down by 0.62%, around 9.30 AM, on 28 January 2022.
RELATED READ: Green investing: A simple guide for beginners
General Electric Company (LON: GEC)
The market cap of the globally leading energy company which provides power systems and solutions for wind energy, General Electric Company, stands at £85,344.29 million and it has provided a return of 20.97% to its shareholders in the last one year as of 28 January 2022. General Electric Company’s shares were trading at GBX £105.00, around 9.30 AM, on 28 January 2022.
Tekmar Group plc (LON: TGP)
The market cap of the leading provider of technology and services to the global offshore energy markets, Tekmar Group plc, stands at £26.12 million and it has provided a return of -19.90% to its shareholders in the last one year as of 28 January 2022. Tekmar Group plc's shares were trading at GBX £50.00, down by 0.99%, around 9.30 AM, on 28 January 2022.
