UK offshore wind has slashed its cost of energy by 32% since 2012, beating its target of £100/MWh ($125/MWh) four years early and is on track to become “the lowest cost large-scale clean energy cost”, according to latest industry figures.

Larger turbines, competition and lower cost of capital meant projects reaching a final investment decision (FID) in 2015/16 came in with an average levelised cost of energy (LCOE) of £97/MWh, down from £142/MWh in 2010/11, said the latest annual report on cost reductions in the sector released on behalf of the UK government-backed  Offshore Wind Programme Board (OWPB).