- Published: 18 September 2017 18 September 2017
The outcome of the latest UK Contract for Differences (CfD) auction announced by the Department for Business, Energy and Industrial Strategy, showed that offshore wind submitted record bids of £57.50 per megawatt hour including the costs of grid connection.
The winning offshore wind projects – DONG Energy’s Hornsea 2, Innogy and Statkraft’s Triton Knoll and EDPR and Engie’s Moray – will together provide 3.2 GW of new capacity to the UK. The cost of offshore wind has fallen by an average of 47% since the last CfD auctions results were announced in February 2015. These reductions are due to the rapidly maturing industry, technology development and economies of scale. The UK Government’s long-term commitment to offshore wind has also had a positive impact.