Offshore wind costs tumble to new record lows
The cost of offshore wind has continued to tumble as the Government revealed the price for power from new schemes had fallen below £40 per megawatt hour of electricity.
Some 12 renewable energy projects, including offshore and remote island wind schemes, have secured contracts to provide enough power for more than seven million homes.
Prices for new offshore wind farms in the latest auction for the contracts – which guarantee a set price for power from schemes such as offshore wind farms – have fallen by 30% since the last auction in 2017, to as low as £39.65 per megawatt hour.
It means that, for the first time, renewables are expected to come online below market prices and without an additional subsidy on bills, the Department for Business, Energy and Industrial Strategy (Beis) said.