Offshore wind industry to slash costs by over 30% in next seven years

14 Jun 2012 04:35 PM

A new report launched recently by the industry-led Offshore Wind Cost Reduction Task Force shows that the UK is on course to reduce the cost of electricity from offshore wind substantially over the next seven years.

The report builds on detailed evidence in a study by The Crown Estate, also published recently, to show how reductions can be achieved, setting out specific actions to drive costs down by over 30%.

This huge cut will see the cost of delivering 18GW of electricity from offshore wind farms   (around 20% of the UK’s total electricity demand) drop from £140/MWh today to £100/MWh by 2020, saving over £3 billion per year.  In achieving this, offshore wind will take another major step towards being fully competitive with other forms of energy generation which will make up the UK’s energy mix.

Click here for full press release