There are two strategies for reducing the cost of offshore wind in the UK. Easy to state and, in fact, easy to implement. They are:
We pointed out in the last few blogs that Feed In Tariffs were the surest way to get a new technology like wind energy deployed into a conservative sector like electricity. In simple terms the risk for the developer is greatly reduced.
Why the risk reducing aspects of wind energy are not more widely appreciated. The electricity industry is a rum industry (to use an old fashioned adjective). It is the only one I know where an important, even dominant, risk as we understand it in business is mitigated by the electricity regulatory and competitive system.
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