Having seen one major offshore wind development shelved and failing to attract a single bid in the latest U.K. government auction for supply price contracts in September, officials have increased by 66% the maximum strike price for future projects. The government aims to have up to 50 GW of projects in place by 2030, with floating wind technology to be used in about 10% of those.

In a bid to catch up with rising construction prices and borrowing costs, the price cap for the next U.K. auction in March 2024 will rise to about $90 per Mwh for fixed-bottom offshore wind, and by 52% for floating projects to $218 per Mwh.