The Contracts for Difference auction failed to attract any bids from offshore wind developers due to what they perceived as unviable, low pricing.
According to The Sunday Telegraph, at least two major companies have decided to slow down their investments to the bare minimum required to keep their projects afloat.
This situation has been described as a “holding pattern,” with developers waiting for more favourable conditions.
Industry representatives recently met with Graham Stuart, the Net Zero Minister, in hopes of addressing these concerns.
However, some attendees left the meeting unsure about the government’s commitment to resolving the issues in next year’s auction.
Developers are now voicing concerns about the UK’s ability to meet its ambitious target of achieving 50GW of offshore wind capacity by 2030.
One executive expressed scepticism, remarking that the target now seems unattainable, and there’s a perception that government officials may not fully grasp the gravity of the situation.