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Highlights
- The UK Government has announced additional funding worth approximately £32 million towards the development of floating offshore wind projects.
- With gas prices touching record highs, the world is realising the true cost of net-zero as the multibillion-pound bubble in green stocks has exploded
The transition to renewable sources of energy is a hot topic across the globe. Amid the ongoing energy crisis, the UK government on 25 January announced that it will devote funds worth £32 million towards the development of floating offshore wind projects. This move will support the UK’s energy sector to reduce its dependence on gas, which has been touching record high price levels lately. To speed up the deployment of renewable energy, the Government’s funding would be matched by the industry, which will put in an additional amount worth £30 million into it.
With gas prices touching record highs, the world is realising the true cost of net zero as the multibillion-pound bubble in green stocks has exploded. The share prices of renewable energy firms have been falling lately, reaching their lowest level in the last 16 months, and thus tens of billions of pounds have been wiped out from the overall value of these companies.
Even though the renewable sector was flushed with money, the enthusiasm of investors has been dulled due to rising interest rates, frothy valuations, and escalating material costs.
Even with these issues, renewable energy stocks are worth a watch for the long term due to fundamental reasons. Let’s take a look at 5 FTSE renewable energy stocks that you can buy and hold for maximum future gains.
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Greencoat UK Wind PLC (LON: UKW)
The market cap of the leading FTSE250-listed renewable infrastructure fund stands at £3,008.84 million and it has provided a return of 4.28% to its shareholders in the last one year as of 24 January 2022. Greencoat UK Wind Plc’s shares closed at GBX £141.40 on 24 January 2022.
Gore Street Energy Storage Fund PLC (LON: GSF)
The market cap of London's first listed energy storage fund stands at £398.52 million and it has provided a return of 8.96% to its shareholders in the last one year as of 24 January 2022. Gore Street Energy Storage Fund Plc’s shares closed at GBX £115.50 on 24 January 2022.
AFC Energy plc (LON: AFC)
The market cap of the leading provider of hydrogen fuel cell power systems for the generation of clean energy stands at £242.38 million and it has provided a return of -55.88% to its shareholders in the last one year as of 24 January 2022. AFC Energy Plc is a constituent of the FTSE AIM UK 50 Index, and its shares closed at GBX £33.00 on 24 January 2022.
RELATED READ: Should you buy these 2 renewable energy investment stocks?
Inspired PLC (LON: INSE)
The market cap of the UK-based energy consultancy firm providing cost-effective energy solutions stands at £185.24 million and it has provided a return of 36.57% to its shareholders in the last one year as of 24 January 2022. Inspired Plc’s shares closed at GBX £19.00 on 24 January 2022.
ITM Power Plc (LON: ITM)
The market cap of the UK-based manufacturer of hydro energy solutions based on Proton Exchange Membrane (PEM) technology stands at £1,665.34 million and it has provided a return of -60.18% to its shareholders in the last one year as of 24 January 2022. ITM Power Plc is a constituent of the FTSE AIM UK 50 Index, and its shares closed at GBX £271.60 on 24 January 2022.
