UK Ramps Up Wind Farm Support to Revive Crisis-Hit Industry
- Consumers pay up for 66% rise in offshore wind farm prices
- Developers shunned previous auction as prices were too low
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The UK government raised the support price for new offshore wind farms by 66% as it tries to rekindle investment in a crisis-hit sector crucial to its climate goals.
The increased support level will feed through to higher electricity prices and bills for households, a trade-off policymakers have accepted in order to decarbonize. The global offshore wind sector has been in crisis, and the UK’s last auction round secured no projects with developers balking at investing in the country as rising costs eroded profits.