New report highlights economic benefits of offshore wind across UK
06 November 2017
Posted by: Rob Norris
At the start of Offshore Wind Week, RenewableUK is publishing a new report which shows how many parts of the UK are reaping economic benefits from the offshore wind industry.
The study, “Offshore Wind: Regenerating Regions – Investment and Innovation in the UK”, focuses on key regions in England, as well as Scotland, Wales and Northern Ireland, showing where projects are operating or being built or planned. It also provides case studies of innovative companies in each area, manufacturing turbine towers, blades, cables and other components as well as designing, constructing, operating and maintaining projects.
The report notes that UK-based companies already provide nearly 50% of the total content of British offshore wind farms, and that we are exporting our cutting-edge technology as far afield as China, India, Taiwan and the USA and other countries.
Richard Harrington, Energy Minister, said: “Britain is leading the world in developing offshore wind at a competitive price for consumers. New offshore wind projects will cost half as much as those proposed just two years ago, thanks to our competitive auctions, and we have committed up to a further £557 million for renewable projects.
“As this report shows, the sector is attracting investment that is helping to transform economies and communities across the country. We want to build on our successes to date and we are working with the industry as we build our Industrial Strategy.”
RenewableUK’s Chief Executive Hugh McNeal said: “With publication of the Government’s Industrial Strategy just weeks away, it’s clear that offshore wind can help to revitalise British industry. Already we see firms moving from the traditional maritime and energy sectors into the offshore wind industry, and increasing domestic manufacturing in our sector.
“This industry’s investment is supporting over 600 innovative companies in regions across the UK. Over the next four years, our industry will invest £17.5bn in new projects that will help regenerate local economies as we grow our domestic supply chain.
“With continued investment and technological advances, offshore can become the leading source of power in the UK.”
For further information, please contact:
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.
The report is published here, and more details of Offshore Wind Week 2017 are here.
The UK has an installed capacity of 5,385.52 megawatts (MW) of offshore wind – enough to power 4,499,975 homes.
Details of RenewableUK’s upcoming Floating Offshore Wind UK 2017 event in Glasgow on 14th November are here