Orsted, Iberdrola Win Big in UK's Record Renewable Energy Auction, Securing 4.9GW Offshore Wind

Sep 3, 2024, 07:04 AM

Orsted and Iberdrola emerged as major winners in the UK's latest renewable energy auction, which secured a record 131 projects. The auction awarded contracts for 3.5 gigawatts (GW) of new offshore wind power at £58 per megawatt-hour (MWh). Additionally, the auction secured 3GW of solar power, 1GW of onshore wind at £50/MWh, 1.6GW of old offshore wind, and the world's largest floating offshore wind project at 0.4GW. The new offshore wind capacity alone is expected to power 11 million UK homes. The government aims to support 4.9GW of new offshore wind farms as part of its efforts to meet a target of 50GW of offshore wind power by 2030.