Implications for Norfolk/Suffolk

Benefits, Economy

The UK is placed second to Denmark as a major growth market for offshore wind energy generation. Offshore wind energy is anticipated to bring a potential market of £48 billion to the UK.

It is important that wind turbine manufacturers are attracted to the region, as the turbine constitutes about half of the total unit costs.

A total of £7 billion will be invested in both the Greater Wash and Thames Estuary strategic development areas between now and 2012. Norfolk/Suffolk, with its central location to both, stands to benefit greatly from this investment.

According to AEA Technology Environment estimates, this boost in the regional economy could see annual investments in offshore wind farms of £300 million/year in 2005 rising to £3.5 billion/year by 2020 resulting in a cumulative investment in the region of nearly £20 billion by 2020.

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