Energi Coast: Investors and Developers Can Look to Future with More Confidence

Energi Coast, North East England’s renewables group, has welcomed the Government’s announcement to maintain the level of subsidies for offshore wind as part of its National Infrastructure Plan.

The plan sets out a commitment to maintain the guaranteed price of offshore wind, known as strike prices, for 2015-16 at £155 a megawatt hour (MWh). In addition, the price for 2018-19 has been set at £140 a MWh, £5 more than originally set out in draft proposals.

The group, which is made up of a steering group of more than 20 North East England-based companies with operations in the offshore wind sector, believes that this enhanced commitment from the Government will help create greater certainty in the market, encouraging investment and therefore, opportunities for the supply chain.

Joanne Leng MBE, Deputy Chairman of Energi Coast, said: “The announcement offers further reassurance that the Government is committed to offshore wind, which should give investors and developers the confidence they need to bring projects online.  The industry has a skilled and experienced supply chain, including the companies within Energi Coast, which is prepared and has the capabilities to support the growth of the UK offshore wind sector.

“These companies have made the bold move of entering the sector at its formative stage, which has led to them winning work and establishing market presence that puts them in the ideal position to form the backbone of the offshore wind supply chain.

“Hopefully, investors and developers can look to the future with more confidence and take the next important step towards further establishing offshore wind as a key element of the UK’s energy mix.” 

Press release, December 4, 2013; Image: Energi Coast