New research from RenewableUK, released in time for Wind Energy Week 2022, reveals that each home will save close to £250 annually thanks to government-awarded wind farm contracts over the last 7 years to produce clean energy. When compared to the price of gas this winter, this is what it would cost to generate electricity.
According to the analysis, when all of these power plants are operational in 2027, the 19 gigawatts (GW) of wind farm capacity that have so far won Contracts for Difference (CfDs) will produce 93 terawatt hours (TWh). Over the past seven years, costs have dropped significantly, making offshore wind the cheapest source of new energy in the UK. The most recent round of offshore wind projects came in at 70% less than those granted contracts in 2015.
To protect consumers from potential gas shortages, RenewableUK is urging the government to speed up the deployment of new renewable energy sources. The Energy Prices Bill, which would cap company income and has been warned by business that it is jeopardising investment, is the background for the latest numbers. It might even bias incentives in favour of fossil fuels, which would distort energy markets.
According to the data, consumers would save more money the quicker wind energy is developed in the UK, says Dan McGrail, CEO of RenewableUK. They need a solid investment structure that ensures enterprises will make a profit, he continued, in order to do this. Cross-party cooperation has been crucial to the development of renewable energy over the past ten years, and MPs can rest easy knowing that CfDs for wind farms, which have generated more than £500 million in returns in the past year alone, are benefiting consumers. Compared to other large-scale technologies, wind energy can lower customer costs more quickly, and McGrail is eager to collaborate with Rishi Sunak to help the industry speed up the adoption of less expensive, domestic energy.
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