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Offshore wind in Europe competitive in mature markets without subsidies

Tuesday, 28 July 2020

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Analysis done by a team of researchers from the Imperial College London (ICL) suggests that due to recent cost reductions, offshore wind in Europe is on the cusp of becoming cheaper than conventional power generation with costs for several projects having fallen below €50/ MWh.

According to the study, governments have provided support schemes to encourage Renewable Energy (RE) development,  resulting in growth rates exceeding 35% per year for the past five years and global installed capacity reaching 28 GW at the end of 2019.

There has been much debate on the economic competitiveness of offshore wind power compared to other decarbonization options. However, the study suggests that costs related to offshore wind have reduced rapidly t...

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