A new report published by the Offshore Renewable Energy (ORE) Catapult highlights the huge economic benefits of a strong UK offshore wind industry, which could be worth as much as £2.9 billion to the UK economy by 2030.
The ‘Economic Value of Offshore Wind: Benefits to the UK of Supporting the Industry’ report shows that the UK economy is already reaping the rewards of a maturing offshore wind sector. But latest figures suggest that continued cost reduction – resulting in lower levels of public financial support being required – coupled with increasing amounts of UK content in projects being commissioned and developed, will result in a significant increase in the economic return for the UK.
Key findings from the report are:
Andrew Jamieson, Chief Executive of ORE Catapult, said:
“Our latest report highlights that offshore wind is already a UK success story, but with continued investment and support the industry is capable of delivering so much more. Continued cost reduction and increasing amounts of UK content will significantly increase the economic value of new offshore wind projects, which forms the basis of a compelling sector deal in line with the UK’s current direction for industrial strategy, with industry and Government working together to maximise UK growth and job opportunities and continue the cost reduction journey.
“In addition, continuing technological innovation in key supply chain areas such as offshore wind turbine blades and foundations, and developing skills in, for example, offshore operations and maintenance, also bolsters the UK economy through the potential export of skills, products and services to the global marketplace.”