Offshore wind now accounts for about 7% of European renewable energy generation.  Most of this new capacity has been built since 2015. Although the rate of growth has been slower than many expected or hoped, it is still a significant shift in the way Europe generates electricity. The change has been biggest in the UK, where offshore wind now generates about 5% of all its UK electricity demand.

But it hasn’t been cheap. In 2012, new offshore wind farms at final investment decision (FID) had a levelised cost of energy of about €150/MWh. At the time, the ambition was to get to about €110 for projects reaching FID in 2020. Led by the rapid introduction of next generation of offshore wind turbines, recent analysis by BVGA suggests that the 2020 target is well within reach. Continue reading →