UK offshore prices already hit cost reduction target

The levelised cost of electricity on UK offshore wind farms is four years ahead of target, according to a new report. Offshore wind is an important part of future strategy, recommends the country's energy minister.

UK offshore wind has already crossed the threshold for cost reduction that it should have reached in 2020. The levelised cost of electricity (LCOE) at the latest offshore wind farms is at an average of GBP 97/MWh and thus already lower than the GBP 100 target set by authorities and industry in 2012. This is revealed by a new report.

"The UK's leadership in offshore wind clearly demonstrates that it is an attractive destination for renewable energy investment. This growing industry will be an important part of the Government's new industrial strategy, and will be underpinned by GBP 730m of annual support for renewable energy over the course of this Parliament," says Jesse Norman, UK Energy Minister.

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