Global offshore wind installations are projected to reach 22.3 gigawatt (GW) yearly by 2028, according to research group Wood Mackenzie.
It, though, added that the offshore build-out could be adversely impacted by a lack of policy frameworks in some countries and tepid returns due to ultra-competitive auctions and slim margins.
“But, these potential problems will be countered by the ability of floating wind to unlock new markets,” the research group added.
According to WoodMac, offshore wind would account for 25 per cent of the world’s installed wind power by 2028, up from 10 per cent at the end of last year.
“The 160 GW of cumulative capacity installed by then would represent a seven-fold increase on the 23.4 GW erected by the end of 2018, which is largely a result of the ever-reducing cost of the technology,” it added.
According to the research group, a record low strike price of $51.27 per MWh was achieved at an auction last year, while French asset manager Lazard has put the levelized cost of energy of new coal-fired power plants at $66-152/MWh, and new gas combined-cycle plants at $44-68/MWh.
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