Offshore Wind Energy in the UK is Now Cheaper than Nuclear Power for the First Time
“The UK is seeing a renewable energy renaissance. With the help of subsidies, offshore wind power is quickly outpacing the cost effectiveness of new nuclear power. Subsidies are funds provided by the government to offset the cost of a commodity, in this case, off-shore wind power, to help it grow. Britain’s subsidies work a little differently than direct subsidies, instead of just giving money directly to companies, the companies take part in an auction to bid on the lowest price at which they can sell their power. This round of auctioning went to two firms who bid £57.50 per megawatt-hour…”
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