UK offshore wind targets at risk

Action is needed tackle financial risks to the UK Government’s 2030 offshore wind targets, according to a new report.

Offshore Energies UK (OEUK) warned that price inflation, capital cost and UK supply chain competitiveness, were putting the target of between 43 and 51 GW of installed offshore wind capacity at risk.

It said the September CfD round (AR7) will have to be the biggest ever with more than 8GW of new licences awarded.

OEUK’s Wind & Renewables Manager Thibaut Cheret said meeting the target means securing £15bn of private investment in offshore wind every year between now and 2030.

“The next CfD auction will need to secure historic levels of renewable energy procurement,” he said