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".



Like this

Latest


11 September 2017
PM Modi at students' convention: Vivekananda converted ideas into idealism
On Sunday, the Prime Minister, in a series of tweets, said the theme of his address will be "Young India, New India". If anyone has the right to say Vande Mataram in the country, it is the people who clean the country.

11 September 2017
Carillion finance chief set to quit troubled company
He was due to leave next year but will now depart at the end of the month when Carillion unveils its delayed half-year results. In other changes, Carillion has appointed Lee Watson as its chief transformation officer, on secondment from Ernst & Young.

11 September 2017
'Worst-case scenario' as Hurricane Irma makes landfall in Florida
The swing in the hurricane's projected path overnight caught many on Florida's Gulf coast off guard. Roofs could be seen flying off and trees were blown down as the wind gusted and roared.

11 September 2017
Priebus, McGahn Hire Quinn Emanuel In Mueller Probe
According to Law 360, Mueller wants to talk to McGahn about the May 9 firing of FBI Director James Comey. The two hired William Burck, a partner at Quinn Emanuel Urquhart & Sullivan LLP, Law360 reported .

11 September 2017
Stellus Capital Investment Corporation (SCM) to Issue Monthly Dividend of $0.11
Jpmorgan Chase And Communications holds 0% of its portfolio in Stellus Capital Investment Corp (NYSE:SCM) for 11,303 shares. The stock of Stellus Capital Investment Corp (NYSE:SCM) earned "Hold" rating by Keefe Bruyette & Woods on Sunday, July 23.

11 September 2017
Nikki Haley on the cover of Time magazine
Her experience as governor prepared her to handle a lot of things, but being in charge of American diplomacy wasn't one of them. That's why I try so hard not to talk about labels now.

11 September 2017
Andrew Taggart Breaking News, Photos, and Videos
The song will be included in " Love Yourself: Her ", which comes out next Monday. According to Naver TV , the song is "of the EDM genre" and is full of energy.

11 September 2017
49ers rookie LB Reuben Foster (leg) carted off field, return questionable
Just like that, Foster - who already had three tackles by that point - appeared possibly done for the season with a severe injury. The Panthers scored on a 40-yard touchdown pass from quarterback Cam Newton to receiver Russell Shepard on the next play.

11 September 2017
Klopp: Mane red decisive... and wrong!
He scored in each of Liverpool's three Premier League games last month, to help the Reds take seven points from nine. He was shocked about the situation. "I said to the fourth official that I didn't think it was a red card.

11 September 2017
Sherwin-Williams Company (The) (NYSE:SHW) Trading Up - Short Interest Down -35.34%
It is positive, as 64 investors sold SHW shares while 237 reduced holdings. 86 funds opened positions while 200 raised stakes. Robeco Institutional Asset Management Bv holds 0.02% of its portfolio in Sherwin-Williams Co (NYSE:SHW) for 7,193 shares.



Recommended