• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 17 hours "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 2 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 9 hours Wind droughts
  • 6 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 1 day Xi Is Set To Be Re-Elected As China’s Leader
  • 9 days Oil Prices Fall After Fed Raises Rates
  • 6 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 2 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 48 mins Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 hours Australian power prices go insane
  • 11 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Azerbaijan And Armenia Aim To Draft Peace Treaty

Azerbaijan And Armenia Aim To Draft Peace Treaty

Following clashes on the Armenian-Azerbaijani…

China’s Oil Demand Is Finally Bouncing Back

China’s Oil Demand Is Finally Bouncing Back

China’s oil demand is about…

The UK Needs To Invest $62 Billion In Wind Turbines To Reach Energy Target

According to renewable energy analysts Aurora, in order to fulfil the goal, 260 wind turbines will have to be installed a year, roughly one for every working day.

The UK’s offshore wind capacity currently stands at 10 gigawatts, having been a mere one gigawatt at the beginning of the last decade.

Currently only 10 gigawatts of new wind power facilities have been contracted, meaning 20 gigawatts worth must still be contracted.

Under the contract for difference scheme, increasing capacity to 40 gigawatts will cost an additional £2.6 billion a year on top up payments, five times what the current budget allows.

Martin Anderson, head of renewables at Aurora and co-author of the report, commented:

“Our analysis suggests that meeting the 40 gigawatt target will require a huge increase in the deployment rate of offshore wind turbines, alongside significant capital investment, and planning consents to be approved in record time.

“Whilst offshore wind has demonstrated significant cost reductions in previous auctions, the impact of higher levels of renewables in the system will reduce offshore wind capture prices and the subsidy support schemes will require further budget.

Related: Oil Recovers From Last Night’s Nosedive

“Should this target be achieved it would have wide implications for existing investors in the GB power system and represent significant Government involvement into the liberalised electricity markets.”

Increasing the UK’s offshore wind power capacity was one of the Conservatives’ flagship energy policies for December’s general election, and was reaffirmed in the subsequent Queen’s speech.

Energy suppliers have warned that achieving the target “will not be a walk in the park”. Jim Smith, managing director of SSE Renewables, said that delivering the target will require “a lot of collaboration between government, industry and stakeholders … to unlock this pipeline of projects”.

By CityAM

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News