A new report claims a strong UK offshore wind industry could be worth as much as £2.9billion to the UK economy by 2030.
The paper by the Offshore Renewable Energy (ORE) Catapult highlights the economic benefits of continued sector support and investment.
The ‘Economic Value of Offshore Wind: Benefits to the UK of Supporting the Industry’ report shows that the UK economy is reaping the rewards of a maturing offshore wind sector.
But latest figures suggest that continued cost reduction – resulting in lower levels of public financial support being required – coupled with increasing amounts of UK content in projects being commissioned and developed, will result in a significant increase in the economic return for the UK.
Andrew Jamieson, chief executive of ORE Catapult, said: “Our latest report highlights that offshore wind is already a UK success story, but with continued investment and support the industry is capable of delivering so much more.
“Continued cost reduction and increasing amounts of UK content will significantly increase the economic value of new offshore wind projects, which forms the basis of a compelling sector deal in line with the UK’s current direction for industrial strategy, with industry and Government working together to maximise UK growth and job opportunities and continue the cost reduction journey.
“In addition, continuing technological innovation in key supply chain areas such as offshore wind turbine blades and foundations, and developing skills in, for example, offshore operations and maintenance, also bolsters the UK economy through the potential export of skills, products and services to the global marketplace.”
ORE Catapult was established in 2013 by the UK Government and is one of a network of Catapults set up by Innovate UK in high growth industries. It is the UK’s flagship technology innovation and research centre for offshore wind, wave and tidal energy and helps to reduce the cost of offshore renewable energy, supporting the growth of the industry and creating UK benefit.