The UK awarded a record 8.4 GW of offshore wind capacity in its latest auction, marking Europe’s largest. Intense bidding drove average strike prices down to £91.20/MWh in England and Wales, well below new gas plant estimates of £147/MWh.

This outcome reflects a dramatic shift in energy economics. Over the past decade, offshore wind costs have plummeted due to technology advances and scale. The auction signals that clean energy is now a cheaper alternative to fossil fuels, not just environmentally preferable.

RWE secured nearly 7 GW of the new capacity, dominating the round. Floating wind projects also made progress, with 192 MW awarded. The government expects £22 billion in private investment and 7,000 jobs. Consumers could save £1.7 billion annually versus gas-dependent power generation.