The UK Government’s 50GW offshore wind capacity target is on track to be missed according to new modelling.
Cornwall Insight forecasts offshore wind capacity will increase from 12.5GW in 2023-24 to 47.1GW in 2030, narrowly missing the Government’s 2030 goal.
The consultancy said delays in offshore wind deployment in the short to medium term have contributed to the missed target.
“These delays are largely attributed to rising costs, most recently reflected in the 5th Contract for Difference (CfD) auction round, which saw no offshore wind taking part, as well as the cancellation of one of the UK’s largest offshore wind farms Norfolk Boreas, with the developers saying it no longer made financial sense,” it said.
It warned slower progress will raise carbon emissions, cutting the chance of meeting carbon targets and ultimately extending the time it takes to reach Net Zero.
Despite the concerns, offshore wind is forecast to become the largest source of electricity in capacity terms by 2028, making up 26% of the GB generation capacity by the end of the decade.