Economy

Cost of energy from offshore wind halves

Cost of energy from offshore wind halves”

DONG said the guaranteed price for the power it will supply was set at a 57.50 pounds ($75.81) per megawatt hour (MWh), 50 percent lower than the allocations at auction two years ago.

As part of reforms to its electricity market, Britain replaced direct subsidies for renewable power with a contracts-for-difference (CfD) system.

The prices, which have fallen even further than forecast, compare with the £92.50 per MWh that the government committed consumers to pay the Hinkley Point nuclear plant for 35 years.

Richard Harrington, Minister for Energy and Industry at BEIS, welcomed the results, adding they would drive new jobs and investment in Britain's low carbon industries.

Richard Harrington, minister for energy and industry, said: "This investment will help the United Kingdom meet its climate targets while supporting jobs in Britain's growing renewable industry".

Expectations among the offshore wind industry were high ahead of today's announcement that the sector would deliver a serious improvement in costs.

Bigger turbines, higher voltage cables and lower cost foundations, as well as the growth in the United Kingdom supply chain and the downturn in the oil and gas industry which has meant lower costs for vessels, have contributed to the falling prices.

Offshore wind costs have halved in the last five years to under £58 for every megawatt-hour of electricity produced.

The renewable projects are expected to deliver up to 3 gigawatts (GW) of new electricity generation capacity from 2021-2023.

"The Government should now commit to this technology - and scale up investment in offshore wind so that it becomes the backbone of British energy".



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