General view of the Walney Extension offshore wind farm operated by Orsted off the coast of Blackpool, Britain, September 5, 2018. The result was bad news for Britain's 2050 net zero emissions target, which calls for 50 gigawatts (GW) of offshore wind capacity by 2030 versus around 14 GW now. In a 2022 auction, offshore wind projects were the main recipient of funding, with 7 gigawatts (GW) awarded, but developers did not even bid in the latest auction, the results of which were published on Friday. The lack of new offshore wind capacity would cost consumers 1 billion pounds a year, it added. Bid prices for renewable energy CfDs are expressed in 2012 money, with inflation meaning actual prices are higher.

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Persons: Orsted, Phil Noble, Graham Stuart, Ed Miliband, Sweden's Vattenfall, Nora Buli, Miral Fahmy, Jason Neely Organizations: REUTERS, UK's Department for Energy Security, Turbine, Energy, Britain, Labour Party, Conservatives, Thomson Locations: Walney, Blackpool, Britain, OSLO, Oslo