Outer Dowsing Offshore Wind is an electricity generator and not a retailer or provider. The electricity generated by ODOW will be transmitted directly into the National Grid 400kv network.
Following years of development and improvement, offshore wind is now one of the cheapest forms of electricity generation in the UK. ODOW expects to sell its power through the UK Government’s Contracts for Difference (CfD) scheme, a competitive arrangement that fixes the price ODOW will receive for its power. A competitive auction keeps prices low for consumers, whilst a guaranteed price provides predictability for customers and helps reduce the cost of financing for ODOW, keeping downward pressure on prices. The latest CfD auction, held in July 2022, secured the largest ever amount of home-grown, cheap renewable energy for British consumers at record low prices. The cost of electricity from offshore wind projects in this auction was just £37.35 per megawatt hour (MWh) – the lowest cost of all renewable technologies, and significantly cheaper than the prevailing cost of wholesale electricity at that time, which was trading at over £150/MWh for much of 2022 (Source RenewableUK).
Once operational, Outer Dowsing Offshore Wind will generate renewable electricity equivalent to the annual electricity consumption of over 1.6 million households and will play a critical role in achieving the UK Government’s ambition to deliver 50 GW of offshore wind by 2030 and achieve net zero by 2050. Outer Dowsing will displace the equivalent of nearly 2 million tonnes CO2 emissions per year of operations through the generation of renewable electricity. This is also the equivalent of removing over 650,000 petrol cars from the road for the duration of the Project.
Increasing the amount of offshore wind we generate domestically will reduce Britain’s reliance on energy imports and foreign markets, increasing energy security and reducing exposure to fluctating energy prices. By producing electricity within the UK from renewable sources such as offshore wind there is the opportunity to decouple UK electricity prices from the volatility of internationally-traded markets for fossil fuels.
Offshore wind farms are considered more reliable than onshore wind farms, as a result of higher wind speed and greater wind consistency. Outer Dowsing Offshore Wind will be part of a network of other offshore wind farms, low carbon power stations, interconnectors and energy storage facilities supporting British electricity supply which, together, given their diverse locations and different operating characteristics will provide energy that can be balanced and transmitted where needed by National Grid.