UK renewables sector seeks boost in offshore wind auction funds

Following Labour’s election victory in Britain, the renewables sector is urging the government to significantly increase its renewable auction budget to meet ambitious offshore wind targets.

Labour has committed to expanding offshore wind capacity to 55 gigawatts (GW) by 2030, up from the current 15 GW, as part of its climate objectives.

RWE’s UK Chair Tom Glover said that the only way for the new government to stay on track to meet their targets is to amend the (auction) budget upwards.

They recommend raising the budget for offshore wind projects to at least £1.5 billion to attract investment and ensure timely project completion.

The previous auction in 2023 failed to attract offshore wind projects due to inadequate incentives, highlighting the need for increased funding.

Aurora Energy Research’s Ashutosh Padelkar emphasises that doubling the auction funds to £1.65–£1.95 billion is essential to support the 10 GW of wind projects eligible for bids this year and to maintain industry confidence for future rounds.

Attribution: Reuters.