The UK government has announced a record 11GW of energy clean energy, secured via largest ever round of its flagship renewables auction scheme, with the results showing offshore wind has become the cheapest form of renewable power. Offshore wind makes up 7GW of the 11GW capacity provided by the new round and now costs £37 per unit, lower than onshore wind at £42 and solar at £46. This represents a 70% decrease from the price secured in the first allocation round in 2015. The capacity from new offshore wind projects will increase the country’s overall capacity built and under construction by 35%. Britain aims for 95% of its electricity to be low carbon by 2030, and the government intends to support the creation of 90,000 jobs in offshore wind by 2030. The 93 listed projects would be enough to power up to 12 million homes. Kwasi Kwarteng, Business and Energy Secretary, said: “The more cheap, clean power we generate within our own borders, the better protected we will be from volatile gas prices that are pushing up bills,” adding that the new capacity is equivalent to six gas fired power stations.
UK CfD auction secures nearly 11GW of renewables that will generate electricity at prices 4x lower than current cost of gas
— Simon Evans (@DrSimEvans) July 7, 2022