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Europe's Offshore Wind Boom: Record-Breaking Installations and Investments in 2023

Accompanying the surge in installations, Europe also saw a record EUR 30 billion in investments across 8 wind farms.

January 19, 2024. By Abha Rustagi

WindEurope disclosed that Europe witnessed a remarkable surge in offshore wind installations, with a record-breaking 4.2 GW of new wind farms coming online in 2023. This marks a substantial 40 percent increase compared to the previous year, solidifying Europe's commitment to sustainable energy solutions.

Accompanying the surge in installations, Europe also saw a record EUR 30 billion in investments across 8 wind farms. This financial influx is set to finance an additional 9 GW of offshore capacity, signifying a substantial rebound after a period of legal uncertainty and market challenges in 2022.

Several positive developments contributed to the newfound confidence in Europe's offshore wind sector. The European Union unveiled its EU Wind Power Package, outlining 15 immediate actions to support the industry. Furthermore, 26 European governments signed the European Wind Charter, pledging swift implementation of the actions outlined in the Wind Power Package.

The United Kingdom, a pivotal player in the offshore wind arena, raised the ceiling price for the upcoming offshore auction round (AR6) by 66 percent, aiming to attract substantial investments. 

Notably, major projects like the 2.9 GW Hornsea 3 offshore wind farm and the 4.2 GW Norfolk Offshore Wind Zone portfolio are progressing, signaling a positive outlook for the UK's offshore wind sector.

Looking ahead, 2024 is poised to be a monumental year for offshore wind auctions, with at least 40 GW expected to be auctioned globally. Germany, Denmark, the UK, France, and the Netherlands are set to lead the way, showcasing the industry's continuous growth and international collaboration.

According to WindEurope, challenges persist, notably the prevalence of uncapped negative bidding. Aiming for sustainable solutions, stakeholders emphasize the need for changes to avoid risks and ensure the realization of projects. Investments in the supply chain, as evidenced by Poland's 1.2 GW Baltic Power project and associated factories, highlight the industry's commitment to scaling up and meeting future demand.

As Europe celebrates the achievements of 2023, the offshore wind industry is poised to play a pivotal role in shaping a greener and more sustainable future. 
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