Crown Estate study says wind costs could drop by a third
The costs of offshore wind farms could be cut by almost a third by the end of the decade, according to a new study.
A report by the Crown Estate said measures such as building bigger turbines and improving design could reduce costs by 30%.
They also said involving suppliers earlier in the planning process and mass producing deep water foundations would help.
The body called for greater competition within the turbine industry.
The Crown Estate, which leases the sea-bed, said there needed to be greater competition in the supply and installation of turbines and foundations from within the UK, Europe and the Far East.
It said the UK government also needed to provide certainty to develop the supply chain, with a smooth and timely introduction of planned reforms to the electricity market, which aim to overcome the high capital costs of energy sources.
The UK government wants to see up to 18 gigawatts of offshore wind - about a fifth of the UK's electricity demand - installed by 2020, providing prices can come down.
Slashing the costs of offshore wind would create jobs and investment, help achieve targets for generating electricity from renewables and deliver secure energy supplies, the study said.
Download a copy of the study here.