News in numbers
Challenges created by rising inflation and interest rates in 2023
The increase in the cost to produce a wind turbine in 2023 due to rising inflation across supply chains and higher interest rates, causing developers to struggle with new projects. Source: WindEurope
40%
The UK’s target for offshore wind capacity by 2030, five times the amount it had in 2020. Source: UK Government
50GW
The starting price per megawatt- hour (MWh) offered at the UK government’s disastrous auction in September 2023, which failed to secure any new projects. Source: BBC
£44
200 175 150 125 100 75 50 25 0
Source: Statista
The amount of offshore wind that had been eligible at the September auction, which could have powered nearly eight million homes a year. Source: BBC
5GW
The potential lost savings for consumers per year, as a result, compared with the cost of using electricity generated in a gas power plant. Source: Renewable UK
£2bn
The expected starting price per MWh for future wind power auctions in the UK, reflecting the industry’s higher costs. Source: Bloomberg
The record-low MWh price bid by Swedish energy giant Vattenfall for the contract to the Norfolk Boreas project off the coast of the UK. Source: BBC
£37–35
The amount that the decision to scrap plans for the Norfolk Boreas windfarm cost Vattenfall, as rising costs meant it was no longer profitable to continue. Source: BBC
£415m £70–75 1.8GW
Value of investments in wind energy worldwide from 2011 to 2022 (in billion US dollars)
166.66 160.01 129.5 125.64 114 102 75.4 76.2 77.6 115.9 176.72 174.46
The planned wind power capacity of the Norfolk Boreas windfarm – the equivalent of 1.5 million British homes. Source: NS Energy
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
6
World Wind Technology /
www.worldwind-technology.com
Investments in billion US dollars
CW craftsman/
Shutterstock.com
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