UK Government Raises Offshore Wind Subsidies by 66% for Future Wind Farms, Prices Increase from £44/MWh to £73/MWh

The UK government has increased guarantee prices for future offshore wind farms by 66%, raising the maximum strike price from £44/MWh to £73/MWh. This move has been welcomed by the industry, but it is expected to result in increased subsidies, which will ultimately be borne by households. The wind power industry is facing a crisis due to a series of setbacks, with similar struggles being observed in the US offshore wind industry as well.