LEGAL ADVICE
FEATURE SPONSOR
THE CFD RESULTS – WHAT NEXT?
As we all predicted, offshore wind was the big winner in the Government’s latest auction round for Contracts for Difference
It should not come as a surprise as it was pretty clear that this is what Westminster had hoped for. The offshore wind industry has done an amazing job in driving down costs and demonstrating its value to UK Government.
WAVE & TIDAL SECTOR We know that there was at least one marine energy bid into the auction in the form of the MeyGen tidal project. The unsuccessful bid from that project (and any others there may have been from the wave & tidal sector) is obviously disappointing, but again, no great surprise given where offshore wind was pitching its strike prices.
So where does that leave the wave & tidal sector as regards to gaining the necessary support and price signals to investors in order to enable early-
stage arrays to be built out and the UK to build on the progress the industry has made to this point? The answer to that is not an easy one.
Merely by participating in the auction, one could argue that the industry was sending a signal to Government that tidal projects in particular, are willing to compete when it comes to commercial arrays in the CfD auction process. However, while offshore wind is arguably a proven or ‘established’ technology, how can tidal or wave for that matter, win out especially with fuelled renewables and now remote island onshore wind being allowed to bid in a ‘less established’ technologies pot?
EARLY DAYS Tidal stream (and wave more so), is still at a relatively early stage and
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Award winning experts in the marine energy sector, with the track record, industry insight and regulatory knowledge to drive projects to completion.
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