Cutting costs back on the offshore wind agenda

I mean, let's not forget we are taking on the most amazing challenge of rewiring the whole of the UK.

The challenge we've got is doing it on time so that all the projects, and when I say projects, each of these projects are billions of pounds investment, and we need to make sure grid's there and they're on time.

Charlie Jordan, CEO of ScottishPower Renewables.

So Charlie, we heard this morning on the panel about, you know, we're living in a world of geopolitical shocks and market instability.

As an investor and developer of offshore wind, what do you guys need to sustain that sort of long-term investor confidence in the UK market?

Hi, Stephen.

Well, I think the recent crisis, what we're seeing, and it was mentioned, we've just seen the biggest electricity shock of all time, and we need to look at how we can deal with and manage that going forward.

In terms of confidence, what we want to see is predictability, stability, and deliverability.

And what I mean by that is predictability, we want to see consistent application of CFD of capacity so that the market can invest and invest with confidence in future.

In terms of stability, we need to make sure we've got stable policies.

We don't want to see retrospective changes.

We don't want to see tinkering.

We want to see policies that we know we can rely on going forward.

And finally, thirdly, in terms of deliverability, there's a lot more we need to do to be able to bring projects forward to get CFD to them producing clean green energy.

We need to do it faster.

There's a lot of areas we can improve.

I'll ask you about deliverability in a moment, but on the first point around predictability, do you think the renewable sector in the UK has that predictability from this current government?

I think we do.

I mean, when you look, the current government have been in place two years, and I think they've been very supportive of the industry.

They've helped us come across big barriers.

If you think about things like locational pricing, radar, you know, working across government, working with all the different departments to give the industry the, the, the signals we want.

So that's been positive.

They've given us the CFDs.

They've committed to do it on an annual basis.

But as pressure comes on, as we're gonna see more challenges to government, we're gonna see challenges within government, that's when we need to double down.