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Offshore Wind Gets $3 Billion in U.K. as Government Spurs Energy

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June 14 (Bloomberg) -- The U.K. offshore wind industry attracted 1.95 billion pounds ($3 billion) of investment in the last financial year as the government boosted the technology to curb emissions and secure energy supplies, Energy Secretary Ed Davey said today.

The minister, speaking at an offshore wind conference in London, said the U.K. was on track to meet a target of getting 15 percent of its energy from renewable sources by 2020. More wind power was needed to help bring the cost of clean electricity for consumers down, he said.

A “truly competitive” cost of offshore wind power electricity was less than a decade away, he said. “It is time for us to see what it is,” Davey said. “An industry of strategic national importance, one that can help us secure our energy supplies, reduce our dependence on imported fossil fuels and protect our environment -- an industry on which our clean energy future rests.”

To contact the reporter on this story: Sally Bakewell in London at sbakewell1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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