The United Kingdom's fifth contract auction attracts no offshore wind bids

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Allocation Round 5 of the United Kingdom's Contracts for Difference scheme closes with not a single bid from a fixed-bottom offshore wind project — the first such outcome since the scheme began, and a direct result of an administrative strike price set before the sharp rise in interest rates, steel and cable prices and installation vessel rates. The government raised the parameters for the following round, which then cleared. The episode is included because it is the clearest single demonstration that offshore wind does not behave like a manufactured learning-curve technology: its costs rose, quickly, in response to macroeconomic conditions, at a time when solar module prices were falling.

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