“The Contracts for Difference (CfD) scheme is a fantastic example of a supportive Government framework that brings confidence to investors and the benefits of scale and certainty to the supply chain. With the incredible results of the most recent auction, offshore wind is now the cheapest major source of electricity in the UK.
“The offshore wind industry has grown significantly in the UK and has worked closely with both the Government and the UK supply chain to ensure that the UK reaps the benefits from its world-leading position in offshore wind.
“Our mission is to build a world that runs entirely on green energy so it’s great to see support for more of this clean technology in the UK, and we look forward to realising the Government’s aim of at least a third of the UK’s electricity from offshore wind by 2030.”
In 2017, Ørsted was awarded a Contract for Difference (CfD) for Hornsea Two at £57.50; a 50% drop in price from contracts just two years previously. It did not enter any projects in this auction round, but has a pipeline of substantial projects in development.