UK offshore wind turbines short of £10bn for green target

Capital investment of £30bn needed over next decade to comply with EU 30 per cent renewable electric

Britain's offshore wind turbine projects will be £10bn short of the £75bn needed to meet the government's legally-binding 2020 green targets, says a report by accountancy firm PricewaterhouseCoopers (PwC).

The Independent notes that the report comes just a day after energy minister Chris Huhne announced plans for a massive expansion of the UK's wind turbines, which he said was important to meet the country's energy demands.

PwC says a capital investment of £30bn in offshore wind farms is needed over the next ten years if the country is to produce the EU-compliant 30 per cent of electricity from renewable sources.

The report finds that the funding gap in the UK is greater than the expenditure of the six largest utility companies and National Grid.

However, the government's planned Green Investment Bank's £2bn of capital are insufficient to solve the problem.

PwC's suggested solutions include a separate levy on customer bills, or increasing the number of Renewable Obligations Certificates (ROCs) on offshore wind, which would reward increased green power generation.