New data from the Offshore Renewable Energy (ORE) Catapult suggests that offshore wind farms have managed to hit ambitious cost targets of £100 per megawatt hour (MWh) four years ahead of schedule.
The price reduction targets, which were set by the UK Government, were previously not expected to be achieved until 2020.
The figures, which come from the ORE’s third annual Cost Reduction Monitoring Framework report, also reveal that the cost of energy from offshore wind has fallen by approximately 32 per cent since 2012.
Commenting on the data, Offshore Wind Industry Council co-chair, Benj Sykes, said: “Offshore wind is a big success story at the very heart of the UK’s industrial strategy.
“The industry is cutting costs much faster than predicted, while creating thousands of jobs and stimulating investment nationwide.
“But this is a story that is just beginning. We remain committed to delivering further significant cost reduction, while working in partnership with Government to build a sustainable industry that will benefit the UK for decades to come.
“Our industry’s goal is to be cost competitive with other generation sources, and this new data shows that ambition is realistic and that we are well on the way to achieving it”.