A failure to update the rules to account for soaring costs in wind farm construction means bids for new wind farms could drop by more than two-thirds on last year, analysis has shown
Significant falls in the cost of producing off-shore wind combined with soaring gas prices following the pandemic and the Russian invasion of Ukraine mean that strike prices have generally been well below market prices.
The results of the latest auction are expected in early September. Nevertheless, soaring costs are already biting. This summer Vattenfall, a Swedish energy giant,off the coast of Norway, blaming a 40 per cent rise in costs. “There’s a lot more competition these days, given the US and China and everyone else wants to build off-shore wind,” Ms Ralston told. Both the EU and US have begun heavily subsidising green energy, while China has soared past the UK to become the world’s biggest off-shore wind producer.
Nevertheless, wind still remains one of the cheapest ways to generate electricity, especially when compared to gas.
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