Energy Transitions Commission (ETC) Urges Government and Industry Collaboration to Overcome Perceptions of Offshore Wind Energy 'in Crisis'

02.05.2024, 2168 Zeichen
London (ots/PRNewswire) - The latest insights briefing from the Energy Transitions Commission, Overcoming Turbulence in the Offshore Wind Sector, highlights the need for governments and the offshore wind industry to join forces to restore confidence in the market, drive down costs and accelerate the clean energy transition. The ETC's membership includes offshore wind industry players: bp, Iberdrola, Octopus Energy, Petronas, Shell, SSE, and Vattenfall.
Offshore wind is already delivering large-scale clean electricity at a competitive cost around the world. In Western Europe, costs fell 60% between 2015-2022. Installations are growing rapidly. From 2015 to 2023, global capacity has expanded sixfold from 12 to 74 GW, already producing energy for around 90 million households, and with vast potential to scale further.
But in 2022-2023, inflation, supply chain bottlenecks, and higher interest rates led to rising offshore wind costs in some markets. A perceived offshore wind "crisis" ensued, in the UK and US markets in particular, as many projects and contracts were cancelled.
While increases were significant, they're mostly expected to be short-term. Costs in Western markets are already coming back down as most drivers were temporary in nature (e.g., supply chain bottlenecks due to COVID, a 200% increase in steel costs), although the increase in cost of finance may remain over the medium term. Meanwhile, technological progress and large-scale production drove consistent cost reductions in China over the same period, illustrating that offshore wind can be even cheaper and more competitive in the future.
"Offshore wind is vital for the clean energy transition. It can generate electricity when the sun isn't shining and doesn't compete for land use. Now is a critical period to rapidly accelerate wind capacity if the world is to achieve net-zero emissions by mid-century. Governments should act now to restore market confidence by setting ambitious offshore wind targets and design auctions and contracts which provide market certainty and drive costs down." – Adair Turner, Chair, Energy Transitions Commission
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