A report from the Offshore Renewable Energy Catapult (OREC) has founded that the offshore wind sector could be worth £2.9 billion to the UK economy by 2030.

The cost of offshore wind turbines is coming down, which results in less financial support being needed from taxpayers, the report said.
More British companies are also joining the supply chain for the offshore wind industry, the research found.

OREC calculated that each additional 10% of UK content included in wind turbines would generate £500-600m for the economy, with each £10 reduction in offshore wind’s strike price resulting in a £240-350m subsidy saving.

‘Success story’

Andrew Jamieson, Chief Executive at OREC, said: “Our latest report highlights that offshore wind is already a UK success story, but with continued investment and support the industry is capable of delivering so much more.

“Continued cost reduction and increasing amounts of UK content will significantly increase the economic value of new offshore wind projects, which forms the basis of a compelling sector deal in line with the UK’s current direction for industrial strategy, with industry and Government working together to maximise UK growth and job opportunities and continue the cost reduction journey.

“In addition, continuing technological innovation in key supply chain areas such as offshore wind turbine blades and foundations, and developing skills in, for example, offshore operations and maintenance, also bolsters the UK economy through the potential export of skills, products and services to the global marketplace.”

> Download the report