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Strong offshore wind sector worth billions to the UK economy

The offshore wind industry could be worth up to £2.9bn to the UK economy by 2030, a new report has said. Issued on Tuesday 28 March by the Offshore Renewable Energy (ORE) Catapult, the study said that the continued reduction in the cost of the technology––resulting in a lower level of public subsidy being required––coupled with increasing amounts of UK content in projects being developed would result in significant increases in the economic return. It said that––depending on the contracts for difference strike price––each additional 10% of UK content was worth a net £500mn-£600mn. ORE Catapult CEO Andrew Jamieson said the industry was already a UK “success story” but could deliver much more. 

Full article here.

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