United Kingdom

United Kingdom

Greater visibility could save £1.9 billion in UK costs

The UK government could save £1.9 billion from the cost of support of offshore energy from projects built between 2021 and 2030 if it affords greater visibility to offshore deployment.

Greater visibility could save £1.9 billion in support for projects added between 2021-2030
Greater visibility could save £1.9 billion in support for projects added between 2021-2030

Consultancy firm BVG Associates has released a report, commissioned by the Committee on Climate Change, on how to reduce the cost of offshore wind.

It said the savings would be made compared to the government's current approach.

The report suggests that if the UK market can give visibility for up to 1.5GW of a year of average deployment, the cost of support for offshore wind could be cut by 24%.

In terms of visibility, BVG calls on the government to create a "stable policy environment based on a rational framework for low-carbon energy that prioritises technologies offering the lowest cost solutions".

In the shorter term, the report believes the government should state the available CfD budget for offshore wind on a "rolling five-year horizon".

It also finds that a "holistic combination" of the right policies and support could push down the cost of offshore wind energy  to approximately £80/MWh.

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