The UK missed its goal of constructing 50GW of offshore wind by 2030 last year when no bid was received in the auction round.
Despite previous warnings from industry that its contract pricing was excessively low, the government failed to attract any new projects with its pricing.
The chancellor promised a record £800 million for this year’s offshore wind auction round in yesterday’s budget, out of a record £1 billion for renewable electricity overall.
Jeremy Hunt is trying to resurrect the maritime wind industry, and that £800m is four times what was offered the previous year.
Although business applauded the additional funding, it stated that it would only cover about 3-5 GW of new offshore wind because costs had lately increased due to inflation and competition in other markets.
