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Deloitte comments on the Government's announcement about the Renewables Obligation |
Robin Cohen, a Partner in Deloitte's Economic Consulting Practice said:
"We will need to understand the detail of what the Chancellor has proposed, however all help for this sector is very welcome and should have the most impact for marginal wind power projects.
"The current estimates of the costs of building offshore wind to meet the Government's renewable energy targets for 2020, are in the order of £70-90 billion. This expenditure needs to compete with other investment opportunities and in particular with available feed-in tariffs in other countries. The Government's proposals to provide additional support of £525m to early projects reaching financial close between now and 2011 is clearly significant in terms of countering some of the advantages of lower risk feed-in tariffs available elsewhere.
"The success of the offshore wind industry will depend on the recovery of the economy and in particular recovery of the carbon price and the willingness of investors to put up funding for these projects."
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