Offshore Wind Update: Total Capex Forecast at EUR396bn Over 2017-2026

Westwood's most recent edition of the Word Offshore Wind Market Forecast is now available. The UK is expected to remain a key contributor to the market, accounting for 18GW in additional capacity over 2017-2026 (exclusive of projects at the concept and speculative stages). Notably, as the current update of the report was being finalised, the results of the latest UK CfD (contract for difference) were announced, with two projects (Hornsea 2 and Moray Offshore) securing CfDs at a strike price of £57.50/MWh, and a third (Triton Knoll) securing a price of £74.75/MWh. When compared to the average strike price of £117/MWh in the previous auction, and award to the Hinkley Point C nuclear project at £92.50/MWh, this is illustrative of the significant reduction in the cost of generating renewable energy.

World Offshore Wind Market Forecast

Cumulative Capacity by Country, 2016-2026

  • Total Capex over 2017-2026 is expected to amount to €396bn.
  • Global cumulative capacity is expected to increase from 17.8 GW in 2017 to 95.2 GW by 2026*.
  • The UK, China, and Germany will be the key contributors to the market, with combined expenditure of €208bn over 2017-2026. This represents approximately 52% of forecast global expenditure over the same period*.

*All figures are inclusive of projects yet to develop past conceptual phases.

Other Key Conclusions – Click Here

Since the Q2 2017 edition of the report, Westwood has made revisions to the projected construction and online years for a number of projects including those in China, Germany and Estonia…

For more details on this and forecast changes, please view the latest Offshore Wind Market Forecast webpage here or contact Gareth Hector on; 
+44 (0)1795 594726

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