Chief Technical Officer at Siemen’s Wind Power, Henrik Stiesdal has predicted offshore wind will be one of the cheapest energy sources within the UK by 2025, in comparison to other renewables and fossil fuel energy sources.
This has emerged following the redefinition of the electricity cost calculation highlighting the true cost of energy. Additional factors such as subsidies, variability costs, grid access costs, social costs, economic benefits and geopolitical impact which have never been accounted for. The additional factors place offshore wind as a more scalable solution for the UK.
During the Carbon Trust’s annual innovation lecture, Stiesdal expressed the importance of innovation in ensuring that the technology can be deployed on a global scale whilst lowering costs. He further suggested that the cost of offshore wind cannot be reduced by one single company, it will be a joint effort in innovation throughout the industry, of which initiatives such as the Carbon Trust Offshore Wind Accelerator (OWA) is helping to do.