A new report published by WWF-UK and Greenpeace suggests that investing in offshore wind energy could benefit the economy more than relying on gas-fired power stations – with only a small difference in the resulting electricity prices.

The report contradicts previous assumptions that offshore wind energy will prove to be much more expensive than gas after 2020. It also provides a valuable defence for the renewables sector after investment in green energy was slammed by the press as having huge cost implications for UK consumers.

The research commissioned by WWF-UK and Greenpeace involved comparing the economic situations after 2020 if offshore wind were to grow steadily during the 2020s (scenario A), and if offshore wind growth were to stall after 2020 and the UK rely more on gas to generate its power (scenario B).

Key findings included:

• By 2030, the UK’s Gross Domestic Product (GDP) would be 0.8% higher in scenario A than in scenario B. Electricity prices would only be marginally affected with scenario A.
• Focusing on developing the offshore wind industry would create 70,000 more jobs than if we were to invest chiefly in gas-fired generation after 2030.
• Scenario A would save the UK £8 billion a year on gas import costs – and reduce our CO₂ emissions by two thirds compared to scenario B.

Wilding says: ‘This report makes continued investment in the renewables sector – especially offshore wind – a no-brainer. The long-term economic and environmental benefits are clear for all to see.’

Source: WWF