Driving Down Cost Priority to Encourage Investment in OW Sector (UK)

Department of Energy & Climate Change has announced that more winds farms have been brought in to a competitive system to drive down the costs of offshore wind.

The offshore transmission regime means that Ofgem can find the most cost-effective investment in the connecting cables and infrastructure for offshore wind power, saving consumers between £200 and £400 million since 2011, according to estimates by independent experts.

Energy Minister, Michael Fallon, said:

“Driving down the costs of offshore wind is a priority to encourage investment in the sector, and will help keep the UK’s place as the best country in the world for offshore wind.”

Investors are now able to bid competitively to maintain and run the high voltage cables and infrastructure between offshore wind farms and the grid, making offshore wind less costly to develop. It also means that projects can move ahead at a faster pace and electricity can be brought onto the grid more quickly. Fifteen wind farms have so far been covered by the regime, which will produce over 4 GW, enough to power nearly 2.8 million homes.

The regime has also been expanded to give wind farm developers the option of asking a winning bidder to construct the transmission assets, as well as maintaining and running them. This means developers will not have to tie up their capital in connecting infrastructure and can plough their funds into constructing more offshore wind farms.

£1.4 billion of infrastructure investment has already been delivered and licensed, with another £1.5 billion in the tender process and billions more in the pipeline. The regime has tapped into new sources of investment, including pension funds.

Press Release, June 10, 2014

Share this article

Follow Subsea World News


<< Nov 2019 >>
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1


The Offshore Technology Conference Asia (OTC Asia) is where energy professionals meet to exchange…

read more >

6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

More info

read more >

Underwater Intervention (UI) 2020

Underwater Intervention Conference is a conference where oil and gas industry professionals, senior decision…

read more >

Subsea Expo 2020

Subsea Expo is the world’s largest subsea exhibition and conference and is completely free to attend.

read more >