UK Expects $65B of Investment In Renewables By 2020; US Steel Plate Rises 2.3%

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The U.K. government recently stated that “it expects 40 billion pounds ($65 billion) of investment in renewables by 2020 after shifting incentives toward offshore wind power and away from projects on land in areas where residents object,” reports BloombergBusinessweek.

“The Treasury published a list of final ‘strike prices’ for electricity from renewables in its national infrastructure plan today, cutting support for solar parks and onshore wind farms and raising them for turbines at sea. The sums represent the guaranteed amount that generators earn under long-term contracts designed to stimulate investment in low-carbon energy.”

“’This package will deliver record levels of investment in green energy by 2020,’ Energy Secretary Ed Davey said in an e-mailed statement. ‘Our reforms are succeeding in attracting investors from around the world so Britain can replace our aging power station and keep the lights on.’”

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The week’s biggest mover on the weekly Renewables MMI® was US steel plate, which saw a 2.3 percent increase. Prices for Korean steel plate remained constant, closing the week. Japanese steel plate prices held steady from the previous week.

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Chinese renewables prices were flat for the week. Following a steady week, prices for Chinese cobalt cathodes closed flat. The week finished with no movement for silicon. The price of neodymium did not change since the previous week. Chinese steel plate traded sideways last week.

US grain-oriented electrical steel (GOES) saw little movement yesterday.

The Renewables MMI® collects and weights 8 metal price points used extensively within the renewable energy industry to provide a unique view into renewable energy metal price trends. For more information on the Renewables MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.