Offshore Wind Industry May Generate $57 Billion for U.K. by 2050: Report

Offshore Wind Industry May Generate $57 Billion for U.K. by 2050: Report
The British government estimated that the offshore wind industry may contribute more than $57 billion to the economy by 2050, if the cost of the technology is cut quickly enough, according to a report by Bloomberg.
The industry must cut costs 25 percent by 2020 and pare the estimated 3.1 million pounds per megawatt needed to pay for wind turbines installed offshore, according to a report published by the Department of Energy and Climate Change in London today.
The U.K. plans to install 18 gigawatts of turbines at sea by 2020, up from about 2 gigawatts now. It’s aiming to obtain up to 15 percent of its energy from renewable sources and to replace aging power plants.