To ask the Secretary of State for Business, Energy and Industrial Strategy, what recent assessment his Department has made of the potential for offshore wind to deliver significant electricity system cost reductions by 2030.
Competitive auctions under the Contracts for Difference scheme have successfully delivered substantial new investment and seen the clearing price for offshore wind halve since 2015. This means that we are buying more offshore wind for less and reducing the cost burden of decarbonising our electricity system for consumers. In the Clean Growth Strategy we announced that we would support 10 gigawatts or more of new offshore wind capacity to be built in the 2020s provided costs continue to fall and this remains cost effective.
No specific assessment has been made of the potential for offshore wind to deliver significant electricity system cost reductions by 2030. However, we are committed to developing a more secure grid which will help keep prices low for consumers and integrate clean generation.