The UK’s net-zero ambitions face hindrance due to a ‘disastrous’ offshore wind auction. Only six out of the 12 regions for offshore wind development saw successful bids.
The auction witnessed low bidding prices, a factor that might negatively impact offshore wind farms development. A higher auction price encourages investment in infrastructure and ensures timely completion.
The fallout could potentially destabilise the UK’s renewable energy market. It could jeopardise plans to quadruple the country’s offshore wind capacity by 2030, a key part of reaching net zero.
Finally, critics argue that the UK’s existing energy auction system needs reform. They suggest an approach favouring bids with guaranteed delivery dates instead of just low cost.
Read source article here:
https://www.theguardian.com/environment/2023/sep/10/uks-net-zero-ambitions-at-risk-after-disastrous-offshore-wind-auction
