The UK will likely fail to achieve its 2035 target of 100% clean electricity unless it provides long-term clarity for onshore and offshore wind development post 2030 and backs energy storage, according to K2 Management.
Project development tails off after 2030, Gary Bills of the clean energy consultancy says in a press release today, adding that “while we’ve made some fantastic progress with offshore wind under the accelerated development model, long term investor interest in renewables will only be secured through a pipeline of on and offshore wind projects beyond 2030.”
Bills also calls for stimulating investment in storage through a tariff or a contract for difference (CfD) mechanism.
To sustain long-term capital investment in line with targets, K2 Management recommends relaxing some of the restrictions faced by onshore wind development, with ambitions for project development beyond 2030, and developing long-term market mechanisms to boost storage deployment. It also proposes new auction rounds for fixed and floating offshore wind beyond 2030.