The price of offshore wind has fallen by 70pc since 2015
UK awards subsidies to 11GW of renewables
Offshore wind beats onshore wind and solar projects as the cheapest source of power awarded
The UK government has awarded 93 renewable energy projects totalling 11GW in capacity with contracts for difference (CfDs). CfDs—the government's main mechanism for supporting low-carbon electricity generation—provide generators with guaranteed returns by paying the difference between market prices and a pre-agreed ‘strike’ price. “Thanks to today’s record renewable energy auction, we have secured almost 11GW of clean, homegrown electricity—which would provide as much power as around six gas-fired power stations,” says UK business and energy minister Kwasi Kwarteng, noting the projects all have planning permission already. Offshore costs fall Almost 7GW of offshore wind was awarded CfDs at a
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