Offshore Wind Power Summary Report – February 2012
Offshore wind has tremendous potential to replace aging power plant, reduce reliance on imported gas, and meet GHG emissions and renewable energy targets. Innovation is critical to enabling the deployment and cutting the cost of offshore wind, with an estimated saving to the energy system of £18-£89bn to 2050.
Innovation can also help create UK based business opportunities that could contribute an estimated £7-£35bn to GDP to 2050. Significant private sector investment in innovation, catalysed by public sector support where there are market failures, is needed to unlock these opportunities.