UK Offshore Wind Investment to Hit £15 Billion Annually
A new report forecasts that annual investment in the UK’s offshore wind sector will increase from £7.7 billion to £15 billion by 2030, potentially climbing to £29 billion by 2035.
A new report by Offshore Energies UK (OEUK) identifies significant opportunities and challenges for expanding offshore wind energy in the UK. The Wind Insight report emphasizes the need for innovative solutions to tackle issues like cost inflation and planning consent delays to attract investment and advance next-generation projects, including floating wind technology. According to the report, the UK currently boasts 15GW of installed offshore wind capacity, making it the second-largest market globally.
Offshore wind now accounts for approximately 30% of the UK’s electricity generation. However, the report warns that the UK’s goal of reaching 50GW of offshore wind capacity by 2030, including 5GW from floating offshore wind, faces several hurdles.
One of the report’s key findings is the significant projected increase in spending on offshore wind. Currently, annual investment stands at £7.7 billion but is expected to rise to £15 billion per year by 2030 and potentially reach £29 billion per year by 2035. Additionally, if conditions are favourable, the UK could invest an additional £132 billion by 2035 to install 65GW of offshore wind capacity.
If the UK meets its growth targets, it will remain one of the leading offshore wind generators globally, second only to China, with 18% of the estimated 85GW of global offshore capacity by the end of 2024.
Thibaut Cheret, OEUK’s Wind and Renewables Manager, stated: “Floating offshore wind could be a game-changer for the UK. We must support our supply chain in securing investment and streamline planning processes to bring these large-scale, capital-intensive projects to fruition in the UK.
“Our industry’s expertise in operating large deep water projects and world-class subsea engineering means there’s excellent potential for securing a significant share of the new Floating Offshore Wind market.
“The UK can become a market leader in wind power generation and play a major role in delivering a homegrown energy transition.”
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