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RenewableUK comment on Budget Speech

16 March 2016  
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Commenting on the Budget Speech, RenewableUK’s Deputy Chief Executive Maf Smith said:

“We welcome the Chancellor’s announcement that funding will be available for future rounds of competitive auctions to support offshore wind farms. The budget is tight but we’re up for the challenge. We’re confident that today’s announcement will deliver 3.5 gigawatts of new offshore wind capacity between 2021 and 2025 – powering more than 3.5 million British homes.

“This budget shows that offshore wind will be cheaper than new nuclear power and competing with gas by 2025, making it even better value for money. The industry is playing its part continuing to drive down costs relentlessly – we released a report this week showing in detail how we’re ahead of what was predicted. Today’s announcement will increase confidence, attracting billions of pounds of investment in the UK’s supply chain. It’s long term commitments such as this, which will keep the UK as the number one destination in the world for investors in this technology.”

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