Are the UK govt 'admitting' something, or merely just stating results? 'admits' seems weird here.
I think "admits" is a reasonable term to use here, in the sense of acceptance or allowing the possibility. "Admit" is sometimes used to refer to an admission of guilt, or the admission of some secret that was previously denied, and that meaning would seem to be incorrect.
Wind and solar are cheaper than [previously] thought, states UK...