According to an industry report by the Offshore Wind Programme Board (OWPB), offshore wind power costs in the UK played around $121 per MWh in 2016, representing a 32% drop from four years ago.
The OWPB report indicates that the decrease was due to the emergence of more advanced technology, use of larger wind turbines, increased competition, and reduced cost of capital. An excerpt from the report goes:
“7MW and 8MW turbines have become standard for new projects.”
The report also conforms to a paper by Nature Energy that indicates wind power costs to be reduced by 24% to 30% by 2030 because of larger turbines being used.
More so, the OWPB stated that such costs will even continue to drop over the next ten years, coinciding with the ambitious goals of the country to reduce greenhouse gas emissions from fossil fuels by 80% in 2050 from the levels recorded in 1990.
Since 2010, the UK has invested over $11.8 billion in offshore wind energy, and it is predicted that it will nearly double such investment over the next five years.