Offshore Wind Red Tape Costing UK Tax Payers £1.5 Billion Per Year

Bill payers are being left £1.5bn worse off per year due to Treasury red tape blocking new offshore wind projects, according to new research from the Energy and Climate Intelligence Unit (ECIU). The climate body warns that Treasury rules that constrain the number of contracted farms allotted at offshore wind auctions will constrain the number of projects being approved and keep bills higher. Offshore wind projects are secured through bidding processes – known as allocation rounds – where projects are given income guarantees known…