‘Offshore wind vital against gas price swings’
If a net zero 2035 electricity system relies heavily on offshore wind power, consumers could reduce their gas price by £68 per year compared to a system without further CfD-backed offshore wind development, according to a new report
Transitioning to a net zero 2035 electricity system predominantly powered by offshore wind could potentially lead to annual savings of approximately £68 per consumer.
That’s according to a new report commissioned by RenewableUK and conducted by Aurora Energy Research, which highlights the significance of offshore wind energy in mitigating energy price volatility caused by fluctuations in gas prices.
The analysis emphasises the necessity of governmental backing for long term growth in offshore wind capacity.
The report, titled “Is offshore wind still good value for billpayers?” assesses various scenarios for the UK’s energy system by 2035, highlighting the cost-effectiveness of offshore wind compared to alternative low carbon technologies.
RenewableUK’s Chief Executive Officer, Dan McGrail, said: “This report shows that even when you consider the additional costs of storing energy when the sun doesn’t shine and the wind doesn’t blow, shifting to an energy system dominated by offshore wind and renewables remains the best decision for billpayers.”
Malavika Gode, Senior Associate, UK & Ireland Advisory, at Aurora Energy Research, said:
“Based on the findings, the team at Aurora Energy Research found that additional offshore wind capacity is one of the key pillars of a decarbonised GB power system.
“A power system with a substantial amount of offshore wind can provide a buffer against global gas price volatility.”
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