Study finds momentum will help reduce offshore wind costs

Research commissioned by RWE Innogy and the German Offshore Wind Energy Foundation has found that the cost of generating electricity from offshore wind farms could fall by a third over the next decade if there is "consistent development".

The Prognos study found that if 9 GW of capacity is installed by 2023, the cost of electricity generation could fall by 31 per cent, while an "optimum market scenario" where 14GW of offshore wind was developed over the next 10 years would result in a cost reduction of 39 per cent.

Offshore wind

The study also shows that due to increasing experience in project planning, plant construction and operation, the risks - and subsequently the financing costs - can be reduced.

Frank Peter of Prognos AG, co-author of the report, said: "The main driver for the cost reduction is a continuous technological development across the value-added chain. Particularly regarding investment costs, substantial savings can be achieved."

Siemens, Iberdrola, Dong and Vattenfall were just some of the companies who participated in the study.

For more wind power generation news

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...