The Informer

Bigger turbines and lower costs are expected to lead to a six-fold increase in offshore wind capacity during the next decade, according to a new report.

Energy analysts at Wood Mackenzie think 18 countries will be using offshore wind by 2027, up from just seven in 2017, when the UK and Germany accounted for 68% of the market.

Soren Lassen, an Offshore Analyst at Wood Mackenzie and the lead author of the report, said: “The proliferation of demand in new markets globalizes the European supply chain and motivates the entry of new suppliers.

“This is particularly true when supported by local content policies as the pressures in Europe lead to consolidation across the European supply chain – especially in the installation segments.”

Falling costs

Capital expenditure is expected to drop by 36% over the period, with operational expenditure falling by 55%.

The average cost across Europe for grid-connected projects is expected to fall to €53.6/MWh by 2027, down from €107/MWh in 2018.

The time it takes to install offshore wind turbines has halved since 2010 and the analysts expect the trend will continue.

> Download the report