Energy Transitions Commission 261d ago

Offshore wind is already delivering large-scale clean electricity at a competitive cost around the world. After a period of about 10 years in which there had been a dramatic fall in the cost of offshore wind, 2022-2023 saw a set of factors leading to rising costs in some markets – primarily in the UK and US. While increases were significant, they’re mostly expected to be short-term. Costs in Western markets are already coming back down as most drivers were temporary in nature (e.g., supply chain bottlenecks due to COVID, a 200% increase in steel costs), although the increase in cost of finance may remain over the medium term. 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/