Reconciling the economic impacts of offshore wind developments in the UK

Offshore wind is one of the fastest growing energy technologies in the UK, with a four-fold increase in installed capacity targeted by 2030 [1] . To ensure that the economic benefits delivered from this expansion are maximised, it is crucial that a full understanding of the operation and interactions of the sector are developed. A review of the development of renewable energy policy which has led to the current landscape has been performed, which puts in context the relevance and importance of this work. There has never been more emphasis on the growth of the offshore wind sector and its position as a key technology in the net zero transition. Currently, economic modelling and engineering cost modelling are considered separately from each other and performed with different objectives. The aim of this project is to reconcile these two differing viewpoints, to further the understanding of the operation of the offshore wind sector. The output of one side is of importance as an input to the other, to ensure that all stakeholder needs are being met. Through the use of traditional economic modelling techniques and engagement with industry, the embeddedness of the offshore wind sector in the wider economy will be analysed. Key areas of focus are local content and the supply chain.