Comment on UK offshore wind auction results

Commenting on the latest UK offshore wind auction results, Dr Jonathan Marshall, Head of Analysis at the Energy and Climate Intelligence Unit (ECIU), said:

“At just a third of the price of contracts signed just four years ago, these latest deals highlight how renewables are blowing the competition out of the water. Signing deals at rock-bottom prices mean that low-cost, low-carbon electricity is being locked in for the future, easing household budgets and ensuring that costs faced by British businesses fall.

In fact, costs have now fallen so rapidly that it is a government-imposed cap that is limiting the amount of capacity installed. Every passing auction shocks onlookers with record low costs. Now questions may start to be asked if waiting two years between auctions is in the best interest of British homes and businesses.”

For the full Contracts for Difference (CfD) offshore wind auction results, click here.