Bioenergy gross electricity production in the UK has shown a consistent upward trend from 2013 to 2023, reaching 3.87 million tonnes of oil equivalent (Mtoe) in 2023. The year-on-year growth rate has fluctuated, peaking at 26.3% in 2015, slowing down to 4.12% by 2023. The Compound Annual Growth Rate (CAGR) over the last five years stood at 4.83%, indicating a steady yet decelerating growth.
Looking forward, the forecasted CAGR for the next five years (2024-2028) is 2.97%, suggesting a slower pace of growth. Total electricity production from bioenergy is expected to reach 4.66 Mtoe by 2028, representing a 15.73% increase from 2023 levels.
Future trends to watch for:
- Advancements in bioenergy technologies improving efficiency and output.
- Government policies and incentives aimed at reducing carbon emissions driving further investments in bioenergy.
- Market shifts towards more sustainable and renewable energy sources impacting bioenergy production levels.
- Potential economic uncertainties or policy shifts influencing bioenergy growth rates.