Britain will increase the guaranteed price offered for offshore wind projects in its next renewables auction by 66%, the government said on Thursday, as it seeks to spur more projects after its last auction failed to attract any offshore wind investment.
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    11 months ago

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    LONDON, Nov 16 (Reuters) - Britain will increase the guaranteed price offered for offshore wind projects in its next renewables auction by 66%, the government said on Thursday, as it seeks to spur more projects after its last auction failed to attract any offshore wind investment.

    “We recognise that there have been global challenges in this sector and our new annual auction allows us to reflect this,” Energy Security Secretary Claire Coutinho said in a statement.

    The offshore wind sector has been hit by surging supply chain and interest rate costs over the past year with some developers cancelling projects, while Britain’s last auction yielded no offshore wind projects when the results were announced in September with developer saying the price offered was too low.

    The government said despite the absence of offshore wind, the last auction had succeeded in supporting other technologies such as solar, tidal and onshore wind projects capable of generating 3.7 GW, the equivalent to powering some 2 million homes.

    Britain’s contract-for-difference (CfD) scheme, offers renewable power developers a guaranteed price for their electricity.

    But, no doubt about it, this is a step in the right direction,” Keith Anderson, CEO of Iberdrola’s (IBE.MC) ScottishPower said in an emailed statement.

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