A joint venture between EDP Renewables and Repsol Nuevas Energias UK - plans to install 189 to 339 turbines over a 295km² area, with a total generation capacity of 1,500MW.
The projected expansion of the offshore renewables industry is dependent upon a supportive policy and market framework that is intended to drive investment towards low carbon energy sources. However, the UK is about to embark upon radical changes to its electricity market mechanism, and this is a current source of uncertainty in the industry. Additionally, the availability of necessary finance to deliver the industry at the projected rates is also a key factor affecting the industry. Despite these evolving legal and policy frameworks and uncertain market conditions, the industry is expected to demonstrate a better social, political and economic return on investment in order to compete with other forms of electricity generation.
The ORI will leverage experience of energy markets, economics, policy and law from the UK, Europe and beyond, in order to provide guidance, advice and independent assessments of the likely impacts of these changes to both Government and industry. The ORI will also act to help reduce risks and investment uncertainty by developing and applying bespoke models to support industry forecasts. In addition, the ORI’s experience in contract law for the energy industry will provide support at various stages of an offshore renewable project life cycle, informing procurement and alliancing strategies.