6th June 2025
North Sea oil and gas which, because they are traded on the international market, have their price determined by international rates are there subject to geo-political fluctuations. Even if North Sea oil and gas comes ashore in the UK, it does not offer any price advantages to British consumers.
On the other hand energy from offshore sources of power – wind, wave and tidal – offers the UK, with our extensive coast line, vast amounts of energy at an affordable cost (and with reference to earlier posts this week, the more renewable energy in the power generation mix the greater the opportunity of bringing down the wholesale price). Research from Plymouth University demonstrates the scale of the benefits to be gained from offshore energy:-
- the installed capacity of offshore wind has grown from 1 gigawatt in 2010, to over 10 gigawatts in 2020 – powering the equivalent of 4.5 million homes a year
- by 2026 offshore wind is likely to provide almost 30 percent of the total UK electricity demand
- the UK holds 35 percent of Europe’s wave energy resource and 50 percent of its tidal energy resource, with over 1 gigawatt of leased tidal stream sites and over 40 gigawatt hours of marine energy generated
- wave and tidal energy technologies have the potential to provide at least 20 percent of the UK’s annual electricity demand. (1)
Renewable energy – despite what the fossil fuel industry says – is better able to ensure affordable and secure energy ongoing into the future, and in a way that also protects the environment.