Offshore
A sea change
Offshore wind has proven its ability to deliver large amounts of green energy at a reasonable and affordable cost, playing a key role in decarbonisation worldwide, and has the potential to positively impact energy costs in both Europe and the UK, if growth targets are met. However, while high inflation and rising energy prices due to the Russian invasion have highlighted the need for green energy development, government policy and support frequently lag far behind. Nicholas Kenny speaks with Per-Erik Holsten, head of ABB Energy Industries Northern Europe, to learn more about the obstacles facing offshore wind and why it’s vital that policymakers address them swiftly and comprehensively.
ven before the start of the Russian invasion of Ukraine in February 2022, the European energy market was already becoming increasingly volatile, as fears over potential conflict grew. In the first two weeks after the invasion began, the price of oil, coal and gas rose by roughly 40%, 130% and 180%, respectively, according to the European Central Bank. While energy prices have stabilised somewhat in 2023, rising inflation and the ongoing supply chain crisis have held back recovery, as has the continuing conflict. In the UK, the spike in energy prices that followed the war was a huge blow to the UK economy, forcing the government to provide over
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£78bn in support to households and businesses while inflation rose to a peak of more than 11%. By September 2023, inflation still held at 6.7%, largely due to the increased cost of fuel. Inevitably, that’s all passed down to the consumer, and the energy price cap is expected to be raised some 5% to roughly £1,930 a year in January 2024. Even before the latest increase, some UK households have seen their standing charges double over the past two years. It’s clear, then, that the green energy transition not only offers Europe the opportunity to combat climate change and reduce pollution, but also to improve its energy security and ensure price
World Wind Technology /
www.worldwind-technology.com
PHkorsart/
Shutterstock.com
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