Offshore Wind to Double This Year

Offshore wind; Courtesy of Siemens

A record 4.2 gigawatts of new offshore wind turbines will be installed this year, doubling capacity built in 2013, according to a Bloomberg New Energy Finance report. German projects will account for more than half of the new project capacity at 2.3 gigawatts, followed by the UK at 1 gigawatt.

The surge comes after 2014 delays that shifted some projects into this year. The uptick is being driven by confidence that the cost of technology is falling. In the second half of 2014, the cost per megawatt-hour of offshore wind stood at US$202, according to the report. Today it’s about US$179, a decrease of about 11 percent. (By comparison, onshore wind power costs US$85 per megawatt-hour.)

And the trend in offshore construction is expected to continue, reaching 48 gigawatts by 2020 — a healthy compound annual rate of 53 percent, BNEF said.

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