Offshore Wind is Expanding to new Markets as Prices Decline: Report

Saur Energy | Mar 27, 2020 at 6:18 AM
  • A decade ago, in the infancy of offshore wind, there were concerns that it would be too expensive to grow at a large scale and compete with traditional market prices.
  • Today, though, factors such as higher wind speeds, higher plant load factors, more stable power generation, almost limitless offshore space for turbine installations, as well as rapidly declining costs, are moving the market forward.
  • Industry players should also look for increased offshore wind placement in close proximity to dense population centres where large-scale solar PV is at a relative disadvantage, while countries and companies looking for cost-effective resources to satisfy clean energy demand should recognise fast-decreasing offshore wind costs.