UK Government Increases Subsidies for Offshore Wind Power Projects

In response to a failed auction and industry criticism, the guaranteed price offered to developers has been raised by 66%.

UK Energy Secretary Claire Coutinho has announced a 66% increase in the guaranteed price offered to offshore wind power developers, from £44 to £73 per megawatt hour, in response to the recent subsidies auction that attracted no bids.
Offshore wind projects will also have their own dedicated funding, rather than having to compete with cheaper onshore wind and solar projects.
The move is seen as a response to criticism from companies such as RWE, Vattenfall, and Orsted, who argued that the previous price was too low given the rising costs in the industry.
The UK government's goal is to achieve 50 gigawatts of capacity from offshore wind power by 2030.
Despite the increased price, the delay in implementing these changes may require the government to significantly increase the scale of the auctions to meet its net-zero targets.