'Astounding' Results Announced In UK Offshore Wind Auction

'Astounding' Results Announced In UK Offshore Wind Auction

'Astounding' Results Announced In UK Offshore Wind Auction

The offshore wind prices announced today are cheaper than the cost of the 35-year contracts for new nuclear power of £92.50 per megawatt hour, and cheaper than the levelised cost of gas, according to figures from the Department of Business, Energy and Industrial Strategy.

The Department for Business, Energy and Industrial Strategy has announced that three offshore wind projects were successful in the auction, as they put in the lowest bids for contracts for difference (CfDs).

A new United Kingdom nuclear power station, Hinkley Point C, comes with such an astronomical price tag that many question whether it's worth it.

"But I also would like to remind him that energy has to remain a mix, nuclear is part of that mix and as in all mixes to maintain continuity of supply, some is more expensive and some is cheaper".

"It's great to see these excellent results for offshore wind".

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The news prompted nuclear firms to rush out statements in defense of their technology, emphasizing the fact that offshore wind can not guarantee generation during low-wind periods.

The Green party said the results should sound the death knell for Hinkley Point C, which is being built by EDF in Somerset.

And Rolls-Royce added that "the small modular nuclear reactor being developed by its consortium could deliver power at £60 [$79.63] per megawatt-hour", Reuters reported.

The winning developers are Germany's Innogy, which will receive £74.75 per MWh for Triton Knoll, off the coast of Lincolnshire, Denmark's Dong Energy at £57.50 for its Hornsea Two project off the Yorkshire coast and Spain's EDP with £57.50 for the Moray offshore windfarm in Scotland.

Hinkley Point C would provide about 7 percent of Britian's energy after 2025, but EDF Energy has plans to build other plants that they say could generate power for 40 percent of homes in Britain. "Onshore wind is the cheapest from of new power, so it deserves an opportunity to compete too".

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The higher price for Triton Knoll reflects the fact it will be delivered slightly earlier, in 2021-22, compared with 2022-23 for the other two.

"The Government should now commit to this technology - and scale up investment in offshore wind so that it becomes the backbone of British energy". Offshore wind developers have focused relentlessly on innovation, and the sector is investing £17.5bn into the United Kingdom over the next 4 years whilst saving our consumers money.

Rhodri James, manager for policy and innovation at The Carbon Trust, which leads the U.K.'s Offshore Wind Accelerator research and development program, said "people are still trying to put their jaws back in place" after the outcome of the auction.

Tidal energy projects are already showing cost reductions and with the right encouragement can undergo the same sort of journey as offshore wind.

In 2015, offshore wind farm projects won subsidies between £114 and £120 MWh. "And you'd like to see the United Kingdom government increasing their targets for the technology".

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"Obviously, the prices are really good", he said, "but the prices are predicated on further innovation and further hard work".

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