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« Market Alert: An Opportunity in the "King Contrarian" Commodity | Main | Amid nuclear setbacks, Virginia utility pauses plans for new reactor »
Tuesday
Sep122017

Offshore wind energy is cheaper than new nuclear power for first time

Improved infrastructure and higher voltage cables have in recent years sent prices for wind power tumbling

For the first time ever, the cost of generating energy from offshore wind farms in the UK has tumbled below the price that nuclearreactors will charge in future.

Official data published on Monday reveals that offshore wind projects due to generate power in 2021-22 were awarded contracts at £74.75 per megawatt hour, while those set to generate in 2022-23 were awarded contracts for a subsidy of just £57.50.

That’s significantly lower than the £92.50 contracts awarded to France’s EDF in 2012 to build Hinkley Point C, which will be Britain’s first new nuclear plant in over two decades.

“We knew today’s results would be impressive, but these are astounding,” said Hugh McNeal, chief executive officer of RenewableUK, the UK’s renewable energy trade association.

“Record-breaking cost reductions like the ones achieved by offshore wind are unprecedented for large energy infrastructure,” he said.

Bigger turbines and higher voltage cables have in recent years sent prices for wind power tumbling. The new prices are on average 47 per cent lower than they were just over two and half years ago when the last competitive auction results were announced. 

Michael Grubb, professor of international energy and climate change policy at University College London, said that the auction results “confirm a new era in UK energy”.

read more....

One wonders if this sector will ever recover.....

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