The Energy and Climate Intelligence Unit claims that Treasury regulations are blocking new offshore wind projects, costing bill payers £1.5bn annually.
Treasury rules restrict the number of offshore wind projects approved through allocation rounds, driving up bills.
Despite the UK's ambition for 50GW of offshore wind by decade-end, bureaucratic challenges and global competition pose significant barriers.Bill payers are being left £1.5bn worse off per year due to Treasury red tape blocking new offshore wind projects, according to new research from the Energy and Climate Intelligence Unit .
Offshore wind projects are secured through bidding processes – known as allocation rounds – where projects are given income guarantees known as strike prices. However, ECIU calculates that inflexible rules around project numbers means the previous auction, the fourth allocation round, did not max out its budget.The ECIU warns the current fifth allocation round, which is expected to conclude next month, could secure as little as 2GW of offshore wind – leading to missed savings of over £1.5bn per year from cheaper renewable energy, compared to around 7GW that could have been secured.
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