Offshore renewables in the UK: Funding and developing offshore wind projects

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Information about Offshore renewables in the UK: Funding and developing offshore wind...
Business & Mgmt

Published on March 20, 2014

Author: NaturalEngland



Renewable UK's Nick Medic, Director of Offshore Renewables, shows how the industry has gone from 32 turbines in 2004 to 1075 in 2014

Offshore Renewables in the UK: Funding and developing offshore wind projects Nick Medic Director of Offshore Renewables, RenewableUK March 2014

RenewableUK: key roles “The voice of wind and marine energy” founded in 1978 as the British Wind Energy Association Roles:  industry forum  representative body  media resource  public campaign Offshore Renewables Team: Nick Medic, Director of Offshore Renewables Dee Nunn, Wave and Tidal Development Manager Filippo Locatelli, Offshore Wind Development Manager Clare Daly, Offshore Wind Relations Manager

Structure of today’s presentation Funding offshore wind projects:  Historical perspective and key statistics  Project funding and future challenges  Development of offshore to 2020 and beyond  Supply chain and socio-economic markers  Role of statutory nature conservation bodies Presentation running time: 25 - 30 minutes (approx.)

Offshore renewables in UK: key past trends Growth in UK Deployment March 2004: 32 turbines deployed March 2008: 149 turbines deployed March 2014: 1075 turbines deployed Over the last 6 years a turbine went up in UK waters on average every 48 hours!

UK offshore scorecard: summary Current offshore wind status:  Number of turbines: 1,075  Installed capacity: 3,653 MW  No. of wind farms built: 22  In construction / planning approval: 12  Contribution to UK electricity supply: 4% More info: UKWED at

Development : Round 1 & Round 2 Round 1 Announced: April 2001 Average site: 90 MW Distance: Near shore Water depths: up to 15 m Round 2 Announced: December 2003 Average site: 400 MW Distance: approx 15 km Water depths: 5 m to 30 m

Round 3: a full 30% of UK’s electricity Round 3 • Announced January 2010 • Zones instead of wind farms • Total capacity: 32,000 GW • Contribution: 30% of UK supply • Distance: 150+ km • Surface: 27,000 km2 • Construction start: 2015 • Estimated turbines: 6,000

Two Rounds in: UK leads the sector

UK position: future trends In the UK:  Within 5 years 10% of UK net electricity  By 2023 10GW+ deployed  By 2030 Chief renewable technology on the grid A global industry:

Financing offshore wind: policy measures Due to cost offshore wind developed under three financial support mechanism: Non-fossil Fuel Obligation: now phased out Renewable Obligation: phased out in 2017, grandfathered until 2037 Contracts for Difference: inaugurated by Energy Act 2013, coming into force in 2014

Renewable Obligation key elements:  Renewable Obligation Certificates  unconstrained development  RO demand ahead of supply  renewable energy specific Conclusion: very successful, but more needed on  value to consumer  return on investment  other technologies. RO vs CfD: compare and contrast

£7.6 billion spending cap contracts for difference allocations/auctions RO vs CfD: compare and contrast £7.6 bn Key elements of new system:

UK offshore wind: the investors

Offshore wind: deployment trends Project Timelines: Quantifies Industry appetite

Offshore: Potential for jobs growth Growth in Employment 2008: first survey of employment in the wind energy sector (Bain & Co.) Total: 700 offshore wind 2013: follow on survey (Cambridge Econometrics) Total: 6,830 offshore wind

Future employment: trends

Consenting process: key to sector success Offshore consenting policy overseen by the Consents and Licensing Group (C&LG) Two focus areas:  Fit-for-purpose legislation  Operational readiness Aim: ‘A robust and efficient offshore consenting system’

Consenting offshore: current projects Consenting Preparedness for Round 3: Project commissioned by RenewableUK, carried out by consultants PMSS is looking at challenges and resource requirements of Round 3. Coping Strategy: Understanding and accelerating solutions for strategic issues associated with Round 3 development – through collaboration.

Thank you Questions? Nick Medic, Director of Offshore Renewables

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