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Wind Power

Volume 487: debated on Wednesday 4 February 2009

To ask the Secretary of State for Energy and Climate Change what assessment he has made of the effects of the depreciation of sterling on (a) investment in and (b) the costs of (i) the London Array and (ii) other major offshore renewable energy projects; and if he will make a statement. (250728)

[holding answer 26 January 2009]: Investment in renewables projects such as offshore wind is determined by a wide number of factors of which the exchange rate is only one. The Government are working to create the right conditions for rapid deployment of renewable energy—both to meet challenging climate change goals and maintain energy security. We are the leading country in the world for operational offshore wind farms, and with over 440 megawatts under construction, we are set to remain so in 2009. The UK remains an attractive market for offshore wind and companies continue to invest, with more than 90 UK and international companies registering their interest with the Crown Estate for round three.

It would be inappropriate to give a running ministerial commentary on how currency movements affect commercial investments by private companies like those involved in the London Array.