The UK will need a “quantum leap” in investment to offshore wind projects if it is to stand any chance of meeting 2020 renewable energy targets. That’s what research by Pricewaterhouse Coopers, published this week, says.
New Energy Focus reports that the offshore wind sector has a ‘make or break’ role to play in ensuring renewable energy targets are met by 2020 – but to do this £10billion must be invested in the next five years.
Using data from the UK’s Renewable Energy Strategy, which shows that offshore wind is supposed to generate about half of the additional 27GW of generation capacity needed to meet the 30% renewable electricity target set for 2020, Pricewaterhouse Coopers claims that less than half the average roll-out rate of 1.1GW necessary to achieve this target was actually achieved.
A lack of finance for the construction of new offshore wind turbines was cited as a major reason for the low roll-out race. Continued tough financial conditions and the need to limit risk and/or improve short-term returns have contributed to this, according to Pricewaterhouse Coopers’ Michael Hurley.
Meanwhile, Utility Week reports that a total of 118 offshore wind turbines have been connected to grids across Europe so far in2010.
They have a combined capacity of 333MW, showing that there is still strong growth in this market.
Offshore wind farms are seen as a large part of the solution to security of domestic and business electricity supply in years to come. You can read the full stories here: