UK toasts 'bumper' build plans
£23.2bn worth of offshore construction value is in planning says Barbour ABI
The construction value of UK offshore wind farms reached a record £4.1bn in 2016, up from £2.45bn the previous year, according to construction industry analysts Barbour ABI.
The company said the trend is likely to continue with the pipeline for future offshore wind developments, with £23.2bn worth of construction contract value in planning.
It said the 588MW Beatrice, 336MW Galloper and 714MW East Anglia 1 offshore projects made a “significant difference” of £3bn to the construction value of offshore wind farms in 2016.
Barbour ABI lead economist Michael Dall said: “Back in 2013 offshore wind farms accounted for only 7.5% of the annual construction value for the utilities and power sector, which increased to 42% in 2016, on the back of significant investment in this type of project.
“With reports showing that the cost of producing electricity in this way have fallen significantly, the increase in construction value makes sense.”