According to the latest UN…
After a historic peace deal…
Two energy giants will pump £75 million into offshore wind projects, which could light 8.5 million homes, as Britain looks to wean itself on dependence for Russian oil.
ScottishPower and Shell have set aside the cash stimulus for initiatives to improve clean energy after the duo were awarded rights to develop floating wind projects off the country’s east coast.
£50 million will be earmarked for the MarramWind and CampionWind schemes, while £25 million is to be set aside for the ScotWind project.
The initiatives have the potential to create enough clean energy to power almost 8.5 million homes – which is triple the number required for Scotland.
This comes after both Britain and the US banned Russian oil imports from the end of 2022, following Moscow’s invasion of Ukraine,
With around eight percent of the UK’s total oil demand coming from Moscow, Prime Minister Boris Johnson announced yesterday, a commitment to move Britain “away from dependence on Russian oil throughout this year, building on our severe package of international economic sanctions.”
Mandy Gloyer, UK Offshore Sites Manager for ScottishPower renewables, said the funding would “open up huge opportunities for the supply chain in Scotland”
She added that the plans would help to “shape the funds and maximise their impact on the Scottish economy” while “delivering a clean energy future.”
Melissa Read, UK Offshore Wind Business Manager at Shell noted that the cash comes in addition to existing projects supporting “businesses keen to make the transition to the renewables sector”.
More Top Reads From Oilprice.com:
CityAM.com is the online presence of City A.M., London's first free daily business newspaper. Both platforms cover financial and business news as well as sport and…
My bet is that it will end up being south of 2.5 million homes (at max utilization) and will cost far more than the estimated cost. Currently, at 1400 UTC 10 Mar 2022, the UK is utilizing less than 30% of its installed capacity of wind turbines.