Government figures, to be published by National Grid on Monday, are expected to show that the price paid for electricity from offshore wind farms has dropped by more than 50% in under five years.
This would make offshore wind the lowest cost option for large-scale, low-carbon power.
The UK’s offshore wind sector has transformed over the last decade. Government support, huge strides in home-grown innovation and increases in both turbine efficiency and blade sizes, have placed the UK as number one, globally, for installed capacity.
Wind turbines have more than doubled their power capacity since 2007.
The current generation of 8MW turbines have 260 foot blades, spanning an area the size of the London Eye.
With a single rotation, these blades generate enough energy to power a home for 24 hours. By the mid-2020s turbine capacities are set to double again, reaching 15MW.
These advances in turbine technology are a big part of what has driven recent reductions in costs per megawatt hour.
Offshore wind farms can be built in just two or three years, minimising the risk of cost overruns and ensuring that technological advances are adopted quickly.
The sector is already delivering thousands of jobs in regions of the UK with some of the highest unemployment figures. UK offshore wind is also attracting billions in foreign investment, and securing hundreds of international contracts for British companies.
Future growth potential is enormous as the global market is set to boom over the next decade.
The UK needs a growing supply of affordable and secure energy. At this record low price, offshore wind power is a great deal for UK energy.