UK floating wind projects could be winning renewable energy auctions at subsidy-free levels before the end of the decade, according to a major new study that urges Britain’s government to raise its targets for the fledgling but fast-growing sector.

Floating projects may as soon as 2029 be able to win contract for difference (CfD) power deals at rates below forecast wholesale prices in the early 2030s if the UK moves with enough speed and ambition, said a report by the Offshore Renewable Energy (ORE) Catapult.