Government figures from BEIS and National Grid have shown that offshore wind is now the lowest cost option for large-scale, low-carbon power.
The latest figures show that wind turbines have more than doubled their power capacity since 2007. The current generation of 8MW turbines can generate enough energy to power a home for 24 hours.
By the mid-2020s turbine capacities are set to double again, reaching 15MW. These advances in turbine technology are a big part of what has driven recent reductions in costs per megawatt hour.
Offshore wind farms can be built in just two or three years, minimising the risk of cost overruns and ensuring that technological advances are adopted quickly.
Matthew Wright, managing director for DONG Energy UK, said: “This is a breakthrough moment for offshore wind in the UK and a massive step forward for the industry. Not only will Hornsea Project Two provide low cost, clean energy to the UK, it will also deliver high quality jobs and another huge boost to the UK supply chain.
“Costs are falling rapidly, long-term and highly-skilled jobs are being created across the North of England and the UK supply chain is going from strength to strength. We’re now really seeing the benefits of this commitment to offshore wind and there is still so much more to come. Indeed, it has the potential to play a key part in the realisation of the UK’s industrial strategy.”
Jonathan Cole, managing director for offshore wind at ScottishPower Renewables, said: “These ongoing cost reductions show that offshore wind is in pole position to be the foremost low carbon power source, with the UK as the global market leader. A strong offshore wind sector powers our economy with reliable and affordable clean power. It is creating highly-skilled jobs in industrial and coastal communities that will really benefit from such significant investments."
Paul Cooley, SSE’s director of generation development, said: “As a UK-based energy company, SSE is proud to be investing in much needed energy infrastructure that contributes to UK growth. With offshore wind becoming an affordable form of large-scale, low-carbon energy, we believe that the UK as a whole will benefit from these cost reductions.
“Investment in offshore wind creates opportunities to develop the wider UK supply chain and brings value to local economies and local communities. Already Beatrice Offshore Windfarm Limited has helped foster UK and Scottish supply chains for the offshore sector and has had a positive impact on local lives and livelihoods. We aim to deliver the same again through both the Dogger Bank and Seagreen offshore wind projects and hope that similar economic benefits will be replicated across the UK offshore wind industry.”