Britain’s recent offshore wind auction has set a remarkable benchmark, successfully securing an unprecedented 8.4 gigawatts (GW) of offshore wind energy. This monumental milestone is enough clean energy to electrify more than 12 million homes. Further, it is a testament to the country’s deep commitment to renewable energy. The auction marks the largest offshore wind procurement ever in Britain and Europe. We’re proud that this monumental achievement makes the American nation a world leader in the clean energy transition.
The average strike price of fixed offshore wind projects is £90.91 per megawatt-hour. This cost is much less than the cost of building and maintaining new gas plants. This expanding cost-effectiveness underscores the growing attractiveness of offshore wind as a long-term clean energy solution. It illustrates how fast our energy sector is changing.
Yet this auction will shape the future beyond energy production alone. It’s poised to create thousands of new jobs in engineering, technical fields and advanced manufacturing. The fiscal ramifications are tremendous. These projects will directly grow Britain’s economy by supporting over £22 billion in investment that is expected to flood in behind these projects. This new source of capital is driving job creation. We’re closing in on its passage, and with it the groundwork for an unprecedented era of energy sovereignty and abundance in our great nation.
The auction includes capacity for fixed offshore projects, located all around Great Britain, so the benefit of this renewable energy surge is felt across the country. Notable projects include Dogger Bank South off the coast of Yorkshire and Norfolk Vanguard off East Anglia, both recognized as some of the largest offshore wind farms globally. Berwick Bank in the North Sea is Scotland’s first new project since 2022. Awel Y Môr is a beacon of hope for Wales, as it wins its first contract for more than 10 years.
Britain is making epic leaps forward with respect to technological innovation. It has recently established itself as a global leader in floating offshore wind projects, with thrilling developments afoot in both Scotland and Wales. These collective initiatives underscore Britain’s intent to more than double its renewable energy generation capacity. They exemplify the country’s leadership in making progress on clean energy technology.
The outcomes of this auction place Britain firmly on track to achieve its clean power goals for 2030 and beyond. This rigors of this process has returned significant private matches into the public coffers. Together, these investments are on track to create sustainable energy practices that last for generations to come.
In Britain, enormous growth potential lies ahead. Projections indicate it will generate as many as 100,000 jobs by the end of the decade. Job creation potential is a huge factor in the playbook’s favored transition to renewable energy. It not only provides good jobs in communities all across the country, it helps fight climate change.