EnergyWatch

UK offshore prices already hit cost reduction target

The levelised cost of electricity on UK offshore wind farms is four years ahead of target, according to a new report. Offshore wind is an important part of future strategy, recommends the country's energy minister.

UK offshore wind has already crossed the threshold for cost reduction that it should have reached in 2020. The levelised cost of electricity (LCOE) at the latest offshore wind farms is at an average of GBP 97/MWh and thus already lower than the GBP 100 target set by authorities and industry in 2012. This is revealed by a new report.

"The UK's leadership in offshore wind clearly demonstrates that it is an attractive destination for renewable energy investment. This growing industry will be an important part of the Government's new industrial strategy, and will be underpinned by GBP 730m of annual support for renewable energy over the course of this Parliament," says Jesse Norman, UK Energy Minister.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Ørsted aims to be number one on carbon capture

The utility hopes to win the Danish carbon capture and storage tender with a plan to capture 400,000 tonnes of CO2 by 2025 from the company’s biomass-fired combined heat and power stations.

Nordex downgrades forecast

The German turbine manufacturer has had a rougher start to 2022 so far than expected, prompting the company to downgrade guidance by EUR 200m at minimum.

Further reading

Related articles

Latest News

See all jobs