UCL’s Bartlett School of Energy, Environment and Resources
Abstract
Offshore wind in the UK has been a remarkable green growth success story. The price of offshore wind is less than a third of what it was a decade ago (Figure 1). In UK conditions, it is now cost competitive with new fossil fuel generation1. Indeed, if electricity prices return to pre-Covid levels, the Government would no longer be subsidising new offshore wind; HM Treasury will be earning revenue instead2. In parallel, the industry has grown and matured to a point where oil and gas companies are clamouring to enter the market and pension funds are comfortable in investing billions of pounds into construction
