Economy

Offshore wind slashes United Kingdom cost reduction goals ... now cheaper than new gas

Offshore wind slashes United Kingdom cost reduction goals ... now cheaper than new gas”

Scottish Renewables said energy from offshore wind in the United Kingdom was due to be cheaper than electricity from new nuclear power for the first time.

The Department for Business, Energy and Industrial Strategy's figures were released after an auction for subsidies, in which the lowest bidder wins.

Costs are about half of what they were just two years ago.

Further, these new offshore wind strike prices are cheaper than the levelized cost of gas, according to figures from the BEIS - for gas projects meant to start generating in 2020 and 2025 (source/PDF).

"The Government can help us by continuing to hold fiercely competitive auctions for future projects, as it has promised, and by putting offshore wind at the heart of its upcoming Industrial Strategy".

Those prices have tumbled to £74.75 (RM415) per megawatt hour for projects deliverable in 2021/2022, and to £57.50 for projects due in 2022/2023.

The price of building offshore windfarms has fallen by almost a third since 2012 as the technology matured, and developers believe that a new generation of even bigger turbines mean they can achieve further cost reductions in coming years. Compare £57.50 with the subsidy secured by new nuclear plant Hinkley Point C, which is £92.50, or around $122, per megawatt-hour.

The nuclear sector argues that offshore wind is one part of solving the UK's energy challenge through a low carbon future.

Wind wind power wind energy energy renewable energy offshore wind offshore wind power offshore wind energy offshore wind farm offshore wind farms wind farm wind farms United Kingdom wind turbine wind turbines

Wind and solar production have the drawback of being unpredictable, with countries needing to call on gas, coal or nuclear plants to raise output if there is no breeze or sun.

Earlier this year, energy research firm Westwood Global Energy Group predicted that global offshore wind energy capacity will increase fivefold between 2017 and 2025.

"The government's undying commitment to new nuclear risks locking us into sky-high prices for years to come", Lucas warned.

Unsurprisingly, most of the talk is now focused on Hinkley Point - nuclear energy being always considered the most controversial of energy generation technologies.

A project led by the University of Strathclyde and Chongqing University will look to use virtual prototyping in the design and optimization of the mechanisms that convert energy absorbed by wave energy generators into useable electricity.

"However, it does beg the obvious question of where a £57.50 strike price leaves other nascent technologies, such as tidal and wave, which are probably not economically viable at that level".

The Green party said the results should sound the death knell for Hinkley Point C, which is being built by EDF in Somerset.

Nevertheless, Ware added it was "a big step forward in the transition to a renewable (energy) grid".



Like this

loading...
loading...

Latest


12 September 2017
WhatsApp testing new feature which allows users to delete sent texts
The Unsend function is expected to work on all types of messages, including text, images, videos, GIFs and documents. According to screenshots, a deleted message will be replaced with the phrase: "This message was deleted".

12 September 2017
The Evil Within 2 New Gameplay Trailer "Race Against Time" Revealed
Bethesdsa Softworks has posted a new, two-minute trailer of The Evil Within 2 dubbed "Race Against Time". Things make it hard in the new trailer for The Evil Within 2 .

12 September 2017
IT Smashes OZ Box Office Record For Horror Films
It also surpassed the entire domestic gross for fellow Warner Bris horror blockbuster The Conjuring 2 in just three days. Costing a very modest $35 million to produce, It has amassed nearly $200 million worldwide since Friday.

12 September 2017
Sony RX10 IV debuts with 'world's fastest' hybrid AF and 24fps bursts
You have the option of shooting at either 24p or 30p in 4K mode (100 Mbps), or in frame rates of up to 120p in Full HD mode. In the meantime, enjoy a quick sample of the RX10 IV's ridiculous 24-fps continuous shooting speed in action.

12 September 2017
Lakers to retire Kobe Bryant's jersey in December - but which number?
As many of you remember, in his final game with the Lakers, Kobe dropped 60 points in a 101-96 win over the Utah Jazz. Kobe wore #8 from his rookie season in 1996-97 up until 2005-06 before he switched to #24 for the rest of his career.

12 September 2017
Woman accused of shooting homeless man who asked her to move Porsche
He believes she is being unfairly prosecuted and that authorities are intentionally ignoring any threat Melton may have posed. Jesse Quackenbush, Katie's father, has a different account of what happened. "She didn't know that she hit him".

12 September 2017
Jack Ma Dances To Michael Jackson's Songs On Alibaba's Birthday
In 2009, at the company's 10th anniversary, he donned a heavy metal wig and performed parts of "The Lion King" in front of thousands of employees.

12 September 2017
PewDiePie claims racial slur 'just slipped out' in apology video
The famous gamer took to YouTube and has apologized for using the racial slur, calling himself an idiot for doing so. PewDiePie , whose real name is Felix Kjellberg , acknowledged the previous controversy that surrounded him before.

12 September 2017
Pinnacle Financial Partners, Inc. (PNFP) Announces Earnings Results
Zooming in closer, company stock has been -7.61% for the quarter, 0.57% over the past month, and -2.23% over the past week. Following the transaction, the insider now directly owns 64,794 shares of the company's stock, valued at $4,277,699.88.

12 September 2017
Income up, poverty down across the US
Overall, there were 40.6 million Americans living in poverty in 2016, down from 43.1 million in 2015, Census figures show. After a lost decade, Americans finally have begun making real gains, according to a report released Tuesday by the U.S.