Executive Briefings

U.K. Offshore Wind Costs Fall Nearly a Third in Four Years

The cost of producing electricity from wind farms off the coast of Britain has fallen 32 percent in the past four years, meeting a government target four years early, an industry report said.

U.K. Offshore Wind Costs Fall Nearly a Third in Four Years

Britain plans to increase its offshore wind capacity to help bridge a looming electricity supply gap as old nuclear plants and coal-fired power stations close.

Offshore wind farm costs fell to an average of 97 pounds ($120.82) per megawatt-hour (MWh) in the 2015-2016 financial year, from 142 pounds/MWh four years earlier, the report commissioned by the Offshore Wind Programme Board said.

This means the industry has met ahead of schedule a government target to cut costs to below 100 pounds/MWh by 2020.

It also puts the cost of offshore wind close to that of new nuclear plants, with the government contract awarded to France's EDF for its Hinkley C reactor project in southwest England at 92.50 pounds/MWh.

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Britain plans to increase its offshore wind capacity to help bridge a looming electricity supply gap as old nuclear plants and coal-fired power stations close.

Offshore wind farm costs fell to an average of 97 pounds ($120.82) per megawatt-hour (MWh) in the 2015-2016 financial year, from 142 pounds/MWh four years earlier, the report commissioned by the Offshore Wind Programme Board said.

This means the industry has met ahead of schedule a government target to cut costs to below 100 pounds/MWh by 2020.

It also puts the cost of offshore wind close to that of new nuclear plants, with the government contract awarded to France's EDF for its Hinkley C reactor project in southwest England at 92.50 pounds/MWh.

Read Full Article

U.K. Offshore Wind Costs Fall Nearly a Third in Four Years