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Industrial Strategy, Offshore Wind Sector Deal: UK Government

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Charley Rattan's picture
World Hydrogen Leader Charley Rattan Associates

UK based offshore wind & hydrogen corporate advisor and trainer; Faculty member World Hydrogen Leaders. Delivering global hydrogen and offshore wind corporate investment advice, business...

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  • Jun 19, 2021

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Industrial Strategy, Offshore Wind Sector Deal:  UK Government

he Offshore Wind Sector Deal builds on the United Kingdom’s global leadership in offshore wind, maximising the advantages for UK industry from the global shift to clean growth. This Sector Deal builds on the UK’s global leadership position in offshore wind and seeks to maximise the advantages for UK industry from the global shift to clean growth, consistent with the Clean Growth Grand Challenge. It will do this by: 1. Providing forward visibility of future Contracts for Difference rounds with support of up to £557m, with the next allocation round planned to open by May 2019, with subsequent auctions around two years thereafter. 2. The sector committing to increase UK content to 60 per cent by 2030, including increases in the capital expenditure phase. 3. Increasing the representation of women in the offshore wind workforce to at least a third by 2030. 4. Setting an ambition of increasing exports fivefold to £2.6bn by 2030. 5. The sector will invest up to £250m in building a stronger UK supply chain, establishing the Offshore Wind Growth Partnership (OWGP) to support productivity and increase competitiveness. With the largest installed offshore wind capacity in the world and the prices consumers pay for the energy the sector generates falling significantly (between the 2015 and 2017 Contracts for Difference auctions, support costs fell 50 per cent), a trend that is expected to continue. Over the next decade, there will be a huge expansion of offshore wind around the world with some estimates envisaging a 17 per cent annual growth from 22GW to 154GW in total installed capacity by 20301 . In the UK, this could see offshore wind contributing up to 30GW of generating capacity. The domestic opportunities are significant too. Building up to 30GW of offshore wind by 2030 could account for over £40bn of infrastructure spending in the next decade2 . This Deal is built on the foundations of the Industrial Strategy – Ideas, People, Infrastructure, Business Environment and Places.


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