Wind power could save each UK household nearly £250 in savings per year compared to gas, says new analysis conducted by RenewableUK.
The analysis showed that the 19GW of wind farm capacity that won Contracts for Difference (CfDs) support will generate around 93TWh by the time it is all operational in 2027. This is around 30% of the annual UK electricity generation at present. This will be at a total cost of £5 billion.
Blades Being Installed on Turbine 5, Yelvertoft Wind Farm (Image: T. Larkum)
RenewableUK stated that the equivalent cost of getting that electricity from gas would be around £26 billion at current prices, so this represents a saving to consumers of over £20 billion, with every UK household benefitting by £246 a year.
The CfD scheme has been a resounding success for the wind industry. The most recent CfD auction saw offshore wind farms win contracts at a fixed electricity price four times cheaper than the current cost of gas power stations. Auction Round Four saw the five offshore wind projects win contracts to secure a strike price of £37.35/MWh.
As well as this, CfD projects are predicted to pay back £25 this winter, and around £45 a year to each household from next winter. This is set to continue to grow as more low cost windfarms come online.
Read more: Current+
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