"Quantum leap" needed for UK to meet 2020 energy targets
July 27, 2010
A "quantum leap" in offshore wind investment is needed if the UK is to meet its 2020 renewable energy targets, according to research by PricewaterhouseCoopers (PwC).
The firm has stated that offshore wind will "make or break" the UK's renewable strategy and needs to deliver around half of the additional 27GW generation capacity required to meet the UK's 30 percent renewable generation target by 2020.
Michael Hurley, global energy and utilities advisory leader at PwC, said: "Offshore wind plays a make or break role in the UK's ability to hit its energy targets and time is running out very quickly on our ability to achieve them.
"The required roll out rate to achieve the 2020 targets is being hampered by the scarcity of pre-construction finance. We need to dismantle the barrier to investment by creating mechanisms to either limit the risk associated with the construction phase or to improve short term returns, without unduly pushing excess costs on to the consumer."
In total, the nation will fall £10 billion short of the £75 billion needed to build enough offshore wind turbines to meet the 2020 targets. Last week, RenewableUK claimed that the wind energy sector brings threefold benefits to Britain.
Nick Medic, head of communications at the marine and wind power trade body, said the technology will help the UK hit its carbon reduction targets and assure energy security, as well as creating jobs.
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