Offshore wind to be cost competitive with gas in 5 years

The report also predicts that the thriving UK offshore wind industry will be able to deliver:

  • A world leading manufacturing and construction supply chain directly creating almost 18,000 long-term, direct jobs by 2025 in manufacturing, construction and operations, mostly in the Northern Powerhouse and coastal areas with traditionally high levels of unemployment.
  • A significant global export opportunity worth over £200 billion, which will see UK-based companies provide products, services and knowledge to markets throughout Europe, Asia and the USA, replicating the success of North Sea oil and gas and significantly contributing to UK productivity
  • 61chrissterry

    Original post from Renew Economy

    ‘…………..By Joshua Hill

    CleanTechnica

    A new report has concluded that the falling costs of offshore wind will result in offshore wind projects installed after 2020 being cost-competitive with new gas plants.

    The report, published by BVG Associates and commissioned by Statkraft UK, the UK division of Norwegian state-owned electricity giant Statkraft, concludes that “tangible advances in technology, the supply chain, and policy” have all combined to drive down the cost of offshore wind. These pressures will continue to drive down the cost of offshore wind projects, and BVG Associates predict that projects going into construction in 5 years will be competitive with new gas plants.

    offshore-wind

    In fact, BVG Associates concludes that repowering existing projects with the most modern turbines could, in fact, from the late 2020s, see offshore wind projects that are cheaper than gas projects, “even under the Government’s lowest gas price forecast.”

    “This…

    View original post 279 more words

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