The UK government will need to invest £48bn by 2030 to meet its target of 40 gigawatts of offshore wind power, an energy analyst has said.
That is equal to double the amount it spent in the last decade on offshore wind.
Renewable energy analysts Aurora said 260 new wind turbines would have to be built every year in the lead up to 2030, if the Conservative Party’s election pledge is going to be fulfilled. In the build up to the General Election, the party pledged to increase the capacity of the off-shore wind industry across the UK.
Aurora head of renewables Martin Anderson said the report “suggests that meeting the 40-gigawatt target will require a huge increase in the deployment rate of offshore wind turbines, alongside significant capital investment and planning consents to be approved in record time”.
“While offshore wind has demonstrated significant cost reductions in previous auctions, the impact of higher levels of renewables in the system will reduce offshore wind capture prices,” he added.
Energy groups warned in the run-up to the election that increasing wind power in the UK would not “be a walk in the park”.
SSE Renewables managing director Jim Smith warned that while “maximising offshore wind deployment is now a no-brainer for any government serious about meeting net zero at the lowest cost”, the job would require “a lot of collaboration between government, industry and shareholders”.
Energy regulator Ofgem published an action plan earlier this month to support the government push for net zero by 2050. The regulator pledged it would prioritise renewable energy and sustainable transport, and would explore increasing offshore wind power in the UK.
Ofgem said it would help to push for a four-fold increase in wind farm development by 2030.