High costs and lack of quality government support are some of the leading global barriers to renewables investment. It's also the case for offshore wind in the UK following the recent AR5 auction ⚠️
That's according to Womble Bond Dickinson's 2024 Energy Transition Survey Outlook 2024. Want to learn more? Dive into the details here ▶️ https://lnkd.in/eZWatwAK
Today, the Government has listened to industry calls, which sees fixed bottom / floating offshore wind getting a much-needed boost for the rounds of contracts:
✅ A 66% increase (compared to AR5) in fixed bottom (from £44/MWh to £73/MWh)
✅ A 52% increase in floating (from £116/MWh to £176/MWh)
✅ Separate offshore wind pot in AR6
✅ Increased support for onshore wind (from £52.2/MWh to £64/MWh); solar (£47/MWh to £61/MWh); tidal ( from £202/MWh to £261/MWh).
These are positive steps that will restore investors' confidence, keeping the UK on the right track as a global leader in offshore wind and renewables
This will likely pique developers' interest in the upcoming Offshore Wind Leasing Round 5 in the Celtic Sea (exclusively dedicated to floating wind) 🤔
Sustainability, net zero, carbon reduction and social value will be the buzzwords for the upcoming Offshore Wind Leasing Round 5, as offers will be assessed on environmental, social value, skills and inclusion intel, based on the UK Government’s social value model (SVM).
After all, as the Government consults on "sustainable industry rewards", it pays to put carbon emissions reductions and social benefits at the forefront of your supply chains and projects 💰
Read the announcement on the GOV UK website 👀 https://lnkd.in/e6hArbmG
Need some clarity? With a point of view like no other, speak to one of our Energy lawyers today 👉 https://lnkd.in/evpe5FfT
#EnergyTransition #NetZero #ESG #RenewableEnergy #OffshoreWind #UKEnergy #CarbonReduction #SocialValue