Highlights <\/p>\n
40 GW capacity target confirmed for 2030<\/p>\n
Offshore covered 10% of demand in 2019<\/p>\n
Project pipeline big enough, but grid challenge<\/p>\n
London Every home in the UK -- Europe's third-largest economy -- will be powered by electricity from offshore wind farms within a decade, UK Prime Minister Boris Johnson said in a speech to the Conservative Party conference Oct. 6.<\/p>\n
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Johnson said the government would raise its target for offshore wind capacity by 2030 from 30 GW to 40 GW, providing funding of GBP160 million ($207 million) for offshore wind ports like Teesside and Humberside.<\/p>\n
The announcement will fuel debate on the viability of the government's targets and the long-term implications for pricing. The UK government is due to publish an energy white paper alongside a heat and buildings strategy this autumn.<\/p>\n
The following are key facts around energy policy in the UK.<\/p>\n
Offshore wind has become more competitive in the UK power sector with the cost of installation falling in successive auctions.<\/p>\n
Platts Analytics forecasts UK demand to recover from COVID-19 losses by 2022, supported by electrification of transport. Forecasts for total UK demand in 2030 range from 300 TWh up to 322 TWh.<\/p>\n
The 40 GW target is not new the government had confirmed the target in December 2019 but it is hugely ambitious.<\/p>\n<\/p>\n
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FACTBOX: Every UK home to be powered by offshore wind by 2030: PM - S&P Global<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Highlights 40 GW capacity target confirmed for 2030 Offshore covered 10% of demand in 2019 Project pipeline big enough, but grid challenge London Every home in the UK -- Europe's third-largest economy -- will be powered by electricity from offshore wind farms within a decade, UK Prime Minister Boris Johnson said in a speech to the Conservative Party conference Oct. 6. Receive daily email alerts, subscriber notes & personalize your experience. Continue reading