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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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