UK Unveils GBP 50 Million Fund To Boost Offshore Wind Supply Chain
The title of this post, is the same as that of this article on offshoreWIND.biz.
This is the sub-heading.
The Crown Estate has initiated a Supply Chain Accelerator to stimulate early-stage investment in the UK offshore wind supply chain.
These are the first three paragraphs.
The accelerator is a new GBP 50 million (approximately EUR 58.7 million) fund created to accelerate and de-risk the early-stage development of projects linked to offshore wind.
An initial GBP 10 million round of funding is now open for Expressions of Interest for businesses looking to establish UK projects that could support the development of a new UK supply chain capability for floating offshore wind in the Celtic Sea.
The application process opens formally in mid-June and closes at the end of July. The final announcement will be made in October 2024.
This sounds like a very good idea.
This is the next paragraph.
Earlier this year, the Crown Estate published research, the Celtic Sea Blueprint, which predicted that 5,300 jobs and a GBP 4.1 billion economic boost could be generated through deploying the first floating offshore wind capacity, that will result from the current leasing Round 5 process, under which leases for up to 4.5 GW of generation capacity will be awarded in the waters off South Wales and South-West England.
It looks to me, that the £100 million could help prime the pumps to do the following for South Wales and South-West England.
- Create 5,300 jobs
- Create a £ 4.1 billion economic boost.
- Develop up to 4.5 GW of generation capacity.
If we assume the following.
- 4.5 GW of generation capacity.
- Capacity factor of 50 %.
- Strike price of £ 35/MWh.
- A year has 8,760 hours.
We can say the following.
- Average hourly generation is 2,250 MWh
- Average yearly generation is 19,710 GWh or 19,710,000 MWh
This would be a yearly income of £ 689, 850 million.
The Anonymous Widower 
The best way of boosting the supply chain is to force companies to have a percentage of contract work done in the UK.
Comment by Nicholas Lewis | May 25, 2024 |
[…] UK Unveils GBP 50 Million Fund To Boost Offshore Wind Supply Chain, I describe how they6 are using funds to accelerate the building of wind farms in theCetic […]
Pingback by Crown Estate To Spend £1.5bn On New Laboratories « The Anonymous Widower | May 25, 2024 |
Well I don’t know about forcing them, but the current government previously announced a £4.5 billion support package to increase strategic areas of manufacturing in the UK, starting 2025. I’d imagine foreign companies would want to take advantage of this.
https://www.labourproviders.org.uk/4-5bn-advanced-manufacturing-plan/#:~:text=The%20Plan%20prioritises%3A,over%205%20years%20from%202025.
An acid test for the future of manufacturing and the associated design skills is likely to be made just before the General Election in the shape of Alstom and its continued activities in Derby.
Comment by fammorris | May 26, 2024 |
I remember a political journalist telling me, that Labour have very low opinion of the Derby Factory.
Comment by AnonW | May 26, 2024 |
I can’t ever recall a political journalist telling me that, but in any case it’s not stopped the local constituency of Derby South returning a Labour MP since 1950 when it was created. In fact apart from two parliaments the City of Derby has returned labour MPs for 112 years of the 120 years since 1904.
Comment by fammorris | May 26, 2024 |