UK launches energy security summit by investing in offshore wind supply chain
The UK will host a summit on energy security in London, starting the event by promising to invest 399 million pounds (399 million dollars) into the domestic supply chain of offshore wind projects.
After the Russian invasion of Ukraine, 2022, which led to price spikes around the globe and saw the EU try to reduce its dependence on Russian fuels.
The UK Government, International Energy Agency and EU Commission President Ursula von der Leyen will host a two-day energy summit in London.
The summit takes place at a moment when the European Commission works to reduce Russian gas and oil imports, having committed to stop using Russian fossil fuels in 2027.
The government is expected to unveil a more comprehensive phase-out plan early next month.
Britain wants to decarbonise the electricity sector by 2030. It also wants to increase its renewable energy capacity, especially offshore wind, in order to protect it from price fluctuations of fossil fuels.
The UK is the second largest offshore wind market in the world by capacity after China. However, spiraling costs due to high inflation and supply-chain bottlenecks are affecting the sector.
GB Energy - a government-backed company, founded last year with the aim of promoting investment in renewables – will invest in offshore wind component makers, such as manufacturers of floating offshore platforms and cable.
The funding comes from the 8.3 billion pounds that GB Energy has pledged over the course of this Parliament. Individual companies can apply for grants before the end of the calendar year. $1 = 0.7523 pounds (Reporting and editing by Lisa Shumaker; Susanna Twidale)
(source: Reuters)
