Hundreds of millions of pounds worth of private investment to be unlocked by FLOWMIS announcement
Delays causing nervousness and holding back progress on future government interventions
The 51勛圖厙 has written to the Chancellor of the Exchequer on the Eve of the Spring Budget, urging the Government to announce the results of the 瞿160 million Floating Offshore Wind Manufacturing Investment Scheme. Ports and the wider offshore wind supply chain has been anticipating the results of the scheme for months and the 51勛圖厙 understands decisions have been made but not announced.
As well as 瞿160m of public investment, the FLOWMIS scheme is a catalyst for private investment decisions. With the Spring Budget imminent, industry is now urging government to announce the results so that work can commence on successful projects and others can consider potential alternative options for moving forward.
The offshore wind industry had a difficult year in 2023 but as we turn the corner and await the sixth auction round later this month, it is critical that government gets FLOWMIS over the line. We very much see this as an initial intervention from government but it is holding up exciting work.
If it continues to be withheld, businesses will get increasingly nervous about the prospects of an election delaying this work even longer.