Offshore wind set to achieve record low strike prices in competitive auction
08 September 2017
Posted by: RenewableUK
RenewableUK is predicting a significant fall in the cost of offshore wind when the results of 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 lower than that of new nuclear power.
On Monday, the 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.
RenewableUK’s Executive Director Emma Pinchbeck said:
“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.
“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”.
RenewableUK’s Executive Director Emma Pinchbeck will be available for interview after the auction results are announced on Monday morning.
For further information, please contact:
· Jennifer Webber, Director of External Affairs, 0207 901 3012 or 07792 463 445
· Adam Wentworth, Communications Executive, 0207 901 3038 or 07791 702702 Adam.Wentworth@RenewableUK.com
1. RenewableUK is the trade and professional body for the wind, wave and tidal energy industries. Formed in 1978, and with more than 400 corporate members, RenewableUK is the country’s leading renewable energy trade association.
2. Detail on the UK content report released today can be found here