Offshore wind power is expected to emerge as a major post-Brexit success for the UK economy as technology costs plummet and the weaker pound accelerates the burgeoning industry’s export potential. Tomorrow the renewable energy technology is likely to be the major winner in the Government’s renewable support auction, which will award £295m to low-carbon power schemes. Mega-turbine developers including Scottish Power and Dong Energy are expected to have entered aggressively low bids amid plummeting offshore wind costs, which have fallen by half in less than five years. The record low subsidies could herald an £11bn industrial boon for post-Brexit Britain, while lightening the load on energy consumers who support the payments via their bills. Experts believe contracts paying ¬between £60 to £70 per megawatt hour of electricity are possible, which is well below the £140/MWh contracts handed to earlier projects and significantly cheaper than nuclear power, which costs around £90/MWh.
Telegraph 9th Sept 2017 read more »
