24 Jan 2017
The third annual Cost Reduction Monitoring Framework (CRMF) was delivered in January 2017 by ORE Catapult to the Offshore Wind Programme Board. It shows that:
Offshore wind costs have fallen sharply through the adoption of larger turbines, increased competition and lower cost of capital. Projects are reaching a Final Investment Decision (FID) in 2015/16 with an average Levelised Cost of Energy (LCOE) of £97/MWh, compared to £142/MWh in 2010/11.
The report also reveals that UK content and jobs are a significant focus for the UK’s offshore wind sector, with the industry working hard to maximise its UK economic benefit. Supply chain plans required under the Contracts for Difference (CfD) process are now delivering significant growth for UK manufacturing, and the report identifies further potential to increase both UK content and jobs through a more coordinated approach to industrial strategy.
Previous CRMF reports can be downloaded here