UK Wind Auction Fails, Deepening Offshore Industry Troubles
- Onshore wind, solar were successful in renewables auction
- Results put pressure on Sunak over 2030 climate targets
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A UK government auction for offshore wind failed to attract any bids, the latest sign of trouble in an industry that’s crucial to meeting net zero goals.
Offshore wind developers had repeatedly warned the government that they were unlikely to bid in this year’s auction round while they are facing rising financing and supply chain costs. The government-set electricity prices in the auction were always likely to be too low to make building projects worth it.