Thanks to government policy pre-2015, the cost of renewables has fallen and offshore wind is now the cheapest source of power in the UK. Despite this, current policy means the UK government is underdeploying renewable energy and investment and it is set to fall in future, while more investment in nuclear is planned. This is making energy more expensive and means the UK will miss its carbon targets.
Our analysis shows the government should commit to continued support for renewables, along with energy efficiency measures, to cut carbon faster and keep consumer energy bills down. This strategy would meet energy demand without the need for additional nuclear capacity. The report also highlights that nuclear costs would have to come down by almost a third to be competitive with renewables.