07/07/2022 | Offshore wind

Offshore wind secures record amount of new capacity at record low cost for consumers

07 July 2022 - Offshore Wind Industry Council media release


 



Offshore Wind Industry Council media release – Thursday 7th July 2022


Offshore wind secures record amount of new capacity at record low cost for consumers


Welcoming today’s announcement of the results of the 4th Allocation Round for Contracts for Difference, the Co-Chair of the Offshore Wind Industry Council Danielle Lane, Vattenfall's UK Country Manager, said:  


"It's great to see a record-breaking amount of new offshore wind capacity securing contracts to generate vast quantities of clean power at a record low cost. Today, offshore wind has achieved the best value strike price ever for any technology. As these projects come online they will help bring down the cost of electricity bills for households currently struggling due to astronomical gas prices. To meet the Government's ambitious targets, we must now ensure that the next annual auction maintains this terrific momentum, as well as ensuring that we continue to grow our supply chain using the CfD mechanism.


"In addition to the five major offshore wind projects which will go ahead in English and Scottish waters, I'm delighted to see that a floating wind project has won a contract for the first time - TwinHub in the Celtic Sea. The UK is a world leader in innovative floating technology and we have a huge opportunity to capitalise on this as we to ramp up our floating capacity in the years ahead, providing expertise and manufacturing big pieces of cutting-edge kit not only for projects here but for export worldwide".    


The 7GW of new offshore capacity will power over 10 million UK homes. It will create 13,000 new jobs and attract nearly £15 billion in private investment.


(ends)

Notes


The Offshore Wind Industry Council (OWIC), a senior Government and industry forum, was established in 2013 to drive the development of the world-leading offshore wind sector in the UK.


The results of the latest CfD auction are available here.


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