Huge boost for renewables as offshore windfarm costs fall to record low

As reported on theguardian.com

Offshore windfarms will be built for a record low price in the UK early next decade, after developers bid far more aggressively than expected for a multimillion-pound pot of government subsidies.

Industry watchers had expected the guaranteed price for power from windfarms around Britain’s coast to come in somewhere between £70 and £80 per megawatt hour, below the £92.50 for a new nuclear power station at Hinkley Point.

But the “exceptionally low” results of a government auction on Monday for subsidy contracts show two offshore windfarms will be built for £57.50 per MWh

Courtesy of Guardian News & Media Ltd