£10bn wind power contracts up for grabs

THE North West will play a “substantial” role in the government’s plan to source energy for 10 million homes from offshore windfarms.

The energy regulator Ofgem has now appointed financial advisors to oversee the competitive tendering process for the £10bn power network licences required to link the windmills to the national grid.

A significant proportion of the windfarms will be sited off the North West coast, with a £1.6bn plan to build connection points at Deeside, Fleetwood and on Anglesey.

An Ofgem spokesman said: “A substantial amount is expected of the North West coast, it being one of the brightest areas for the exploitation of offshore wind.”

The consortium od advisers includes accountancy firm Ernst & Young, investment bank Royal Bank of Canada Capital Markets and insurance broker Willis.

Ofgem said the process will see developers invest around £12bn in the transmission network required to link new offshore wind farms to the grid and then charge wind farm operators for transmission rights.

The tendering process is expected to start in June.