Contracts for Difference AR7 Offshore Wind Budget: comment

“Let’s be really clear on this, the amount quoted is highly unlikely to be added to bills. It’s based on a set of outdated estimates for future power prices that that are very different to expert forecasts. Treasury had homework to update this, but clearly hasn’t got very far.

“The North Sea oil and gas industry has been shedding jobs for decades, so speeding up the building of offshore wind is going to be needed to provide job security for those continuing to leave the fossil fuel industry. It's also crucial that we invest in the grid after decades of under-investment so that we can maximise the benefits of renewables. 

“British wind and solar is already lowering the cost of wholesale electricity by around a quarter, or £25/MWh, a trend which will continue as more is built and older, less efficient gas plants are pushed out of the market. Every bit of free wind and sun power that we harness means we need to buy less foreign gas from abroad, boosting our energy security."