Energy Transitions Commission 261d ago

Offshore wind is already delivering large-scale clean electricity at a competitive cost around the world. In Western Europe, costs fell 60% between 2015-2022. Installations are growing rapidly. From 2015 to 2023, global capacity has expanded sixfold from 12 to 74 GW, already producing energy for around 90 million households, and with vast potential to scale further. But in 2022-2023, inflation, supply chain bottlenecks, and higher interest rates led to rising offshore wind costs in some markets. A perceived offshore wind “crisis” ensued, in the UK and US markets in particular, as many projects and contracts were cancelled. Temporary or here to stay? Read our Insights Briefing, Overcoming Turbulence in the Offshore Wind Sector, to find out more: https://www.energy-transitions.org/publications/overcoming-turbulence-in-the-offshore-wind-sector/