Offshore wind will be ‘cheaper than new nuclear energy’, says renewable industry

The renewable energy sector forecasts that the cost of offshore wind will be significantly lower than that of new nuclear power when the results of competitive auctions for new contracts to provide clean electricity are unveiled later today. 

The Brit-Govt 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.

A spokesman for RenewableUK said: “Offshore wind is now an industrial powerhouse for the UK. The industry has achieved record-breaking cost reductions and is pouring over £11.5 billion over the next four years into our seaside towns and businesses across the UK. 

“Today’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.”

Meanwhile, a new report published today reveals a high number of UK companies are involved in the development, construction and operation of offshore wind farms in Britain.

The study shows that 48% of the expenditure in planning, building and running our offshore projects goes to UK companies.

This means the offshore wind industry has almost hit its long-term target to source 50% of its work in Britain, to be achieved by 2020. The previous UK content report, published in 2015, showed that 43% of contracts surveyed had been awarded to British companies – a 5% increase.

This latest report was delivered by RenewableUK on behalf of the Offshore Wind Programme Board, a body of experts which includes The Crown Estate, the Department of Business, Energy and Industrial Strategy and the Department of International Trade.

Richard Harrington MP, British Energy Minister, commented: “The offshore wind industry is growing at a rapid pace, with £11.5 billion of investment in new UK offshore wind farms due to take place over the next four years.

“This report demonstrates the strength of this growing sector and the positive impact it is having on the UK supply chain. We will continue to support offshore wind developments through our Industrial Strategy, helping to reduce carbon emissions while growing the economy.”

11 Sept 2017

 

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