RenewableUK is predicting a significant fall in the cost of offshore wind when the results of the UK’s long-awaited competitive auctions for new contracts to provide clean electricity are unveiled next week.
The renewable energy sector expects that the cost of offshore wind will be significantly lower than that of new nuclear power.
On Monday, 11 September, the UK government will announce which offshore wind projects have put in the lowest bids for Contracts for Difference (CfDs), demonstrating how cheaply they can generate electricity for consumers and deliver industrial scale power to the UK economy.
“Offshore wind is now an industrial powerhouse for the UK. The industry has achieved record-breaking cost reductions and is pouring over £11.5billion over the next four years into our seaside towns and businesses across the UK,” RenewableUK’s Executive Director Emma Pinchbeck said.
“Monday’s auction results could be a watershed moment for the UK offshore wind sector. The offshore wind sites that win on Monday will be a catalyst for our future economy and will provide cheap, clean electricity for UK consumers. In addition, a new report out today shows that the UK offshore wind supply chain is continuing to grow, ensuring that it’s British-based companies which reap multi-million-pound benefits as the industry expands.”