What’s Next for Britain’s Struggling Offshore Wind Industry?

  • 📰 BNNBloomberg
  • ⏱ Reading Time:
  • 56 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 26%
  • Publisher: 50%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

The UK’s offshore wind energy plans, and the climate goals that go with it, have been brought to a sudden halt.

On Friday, an auction for contracts to build new wind farms received zero bids from developers. It’s the first time that’s happened since the current system was introduced almost a decade ago, and it raises major questions about the UK’s environmental targets.

Anything that increases bills will be a hard sell to voters still reeling from the worst cost-of-living crisis in decades, particularly if the optics include handouts to power companies. But with Sunak’s commitment to net zero already being questioned, accusations that the Conservatives have allowed a successful UK industry to fail would also be damaging.

But the industry has been warning more recently that inflation pressures and soaring costs for raw materials mean that the declining cost curve can’t continue forever. Friday’s blow effectively means a missing year for offshore wind development at a crucial time. On top of that, projects in the previous auction are being put on ice because rising costs.

“Our industry needs the certainty of stable, future contracts for difference auction rounds based on sustainable pricing, separate pots for offshore wind, and realistic assumptions,” he said.If power developers were looking for positive signs from the government, there wasn’t much to cling to in an initial statement from the Department for Energy Security and Net Zero.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 83. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US futures fall with Fed's next move in focus: Stock market news todayStock futures pointed lower on Thursday amid building signs the US economy could be running hot.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stocks tumble with Fed's next move in focus, Apple losses deepen: Stock market news todayStocks were lower on Thursday amid building signs the US economy could be running hot.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Nasdaq sinks as Apple losses deepen, Fed's next move in focus: Stock market news todayStocks were lower on Thursday amid building signs the US economy could be running hot.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »