I figured something like this would happen. I wonder if the nuke plants that got shuttered for the same cost reasons will also get subsidies
this post was submitted on 16 Nov 2023
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This is the best summary I could come up with:
The government will offer significantly higher subsidies for new offshore windfarms after crisis talks with developers that are battling cost inflation across global energy supply chains.
The numbers reflect a maximum price, with bidders competing in a reverse auction to offer electricity at the lowest cost.
Offshore wind developers are struggling to build new projects after costs in the sector soared by about 40% because of inflation across their supply chains and higher interest rates.
Claire Coutinho, the energy security secretary, said: “We recognise that there have been global challenges in this sector and our new annual auction allows us to reflect this.
Offshore wind developers had repeatedly warned officials that the ceiling price was set too low to make the projects economically viable.
Dan McGrail, the chief executive of Renewable UK, said: “Ensuring that the UK continues to unlock investment in renewables is critical to improve Britain’s energy security, drive economic growth, support thousands of new green jobs and enable us to continue to create a lowest cost electricity system for billpayers.
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Higher costs also affect photovoltaics, though less so. In Europe there is a large production surplus of Chinese PV modules so current end user prices are potentially below cost of production. This can't last, obviously.