The UK has a renewable energy potential that any country would envy. Our island status and geographical location mean that we currently have a greater capacity for offshore wind power than anywhere except China.
Electricity generated from wind turbines is the most efficient form of renewable energy and almost half our electricity now comes from renewables compared with just 7% in 2010.
Later this Autumn when our last coal-fired power station at Ratcliffe-on-Soar, Nottinghamshire, closes down, we will become one of just a handful of countries to entirely eliminate coal from our power system.
Decarbonising our energy supply is a key commitment of the North Sea Transition Deal. Our industry and the UK government signed up to the Deal in 2021 and it’s the blueprint for making the UK’s energy cleaner while supporting jobs, delivering net zero emissions and assuring UK energy security.
Wind has to be a big part of our future energy strategy and I am proud to be part of that transition.
When the first offshore wind turbines were installed in the North Sea more than 30 years ago, the blades were just 17 metres long.
We are now see blades of 108 metres with vastly increased electricity output thanks to huge advances in design and the growing use of offshore floating turbines. That means one turbine can produce more than 3,000 kW compared with just 75kW.
The North Sea, Atlantic Ocean and the Irish and Celtic Seas provide ample opportunity for wind power development. The UK can once more become a net energy exporter as it was during the height of oil and gas production, but there is a global race to net zero.
We need to demonstrate our irresistible investment potential, and regulations and market conditions need to support the supply chain.
Our new Wind Insight report sets out the key opportunities and challenges for offshore wind deployment in the UK.
It shows that smart new approaches are needed to overcome obstacles such as cost inflation and planning consent delays so the UK can unlock investment and power ahead in the global race for the next generation of projects, including game-changing floating wind technology.
The report adds to the growing body of knowledge about the fresh opportunities offered to the oil and gas supply chain by the energy transition.
© Supplied by OEUKRecent findings by Rystad Energy, in an independent report commissioned by us, show that with the right investment environment, firms and their workforces up and down the country have the core capabilities to deliver a homegrown energy transition.
Things are looking positive. As I showed in my presentation to the Wind Insight event in Glasgow last month, expenditure on wind energy is about to outpace expenditure on oil and gas.
We have a golden opportunity to attract investment and boost jobs, livelihoods and entire communities that for the past 50 years have built their income on offshore energy.
Development of wind power must be managed in tandem with management of the decline in oil and gas production to ensure our world class energy supply chain is pivoted efficiently into providing services for the new sources of supply.
We are beset by constant challenges. Inconsistent government policy as much as inflation, delays in consent or supply chain readiness, have all meant we are behind schedule for the goal of 50GW of offshore wind capacity by 2030.
So far only 15GW is installed which in turn is threatening our achievement of the government’s legally binding commitment of net zero by 2050.
This situation cannot be allowed to continue. Floating wind is a game changer which offers very exciting investment opportunities for the UK.
These huge turbines can benefit from the existing oil and gas supply chain and are ideally adapted to deepwater sites far from land.
Intermittence – the issues of how to get enough electricity when the wind doesn’t blow and how to store excess energy generated when it blows too hard, are also being overcome.
The UK can become a net energy exporter, but our success is not a given. As I said in my presentation, there is a one-off opportunity to achieve a smooth homegrown energy transition from oil and gas to investment in wind.
We must make sure we catch this train before it leaves the station. There won’t be another one.
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