POWER: The UK Mulls Offshore Wind Target Reduction

The UK is mulling a possible reduction of its 55GW 2030 offshore wind target as preliminary analysis has indicated that the UK will likely need less capacity than expected, an unknown participant said, cited by Bloomberg.

• This is due to a modest rise in UK power demand by 2030, however, consumption is anticipated to increase sharply by 2050.
• As a result, situations of oversupply could occur, which would lead to the culling of offshore generation at times.
• Earlier analyses found that the UK will likely miss 50GW of capacity by the next decade, however, it could still meet its renewable goal with less offshore wind.