Global offshore wind power market scores all time high – market up 95%; this is indicated in the Global Wind Energy Council (GWEC)’s Global Wind Report: Annual Market Update.
Released on Wednesday, the report highlights a maturing industry successfully competing in the marketplace, even against traditional power generation technologies.
According to the study, more than 52GW of clean, emissions-free wind power was added in 2017, bringing total installations to 539GW globally.
“Wind power is leading the charge in the transition away from fossil fuels; and continues to blow away the competition on price, performance and reliability”, said Steve Sawyer, GWEC secretary general. “Both onshore and offshore, wind power is key to defining a sustainable energy future.”
With new records set in Europe, India and in the offshore sector, annual markets will resume rapid growth after 2018, it forecasted.
Dramatic price reductions for both onshore and offshore wind continue to surprise, stated the report.
Markets in Morocco, India, Mexico and Canada range in the area of $0.03/kWh, with a recent Mexican tender coming in with prices well below $0.02/kWh.
Meanwhile offshore wind had its first ‘subsidy-free’ bids in tenders in Germany and the Netherlands, with tenders for nearly 2GW of new offshore wind capacity receiving no more than the wholesale price of electricity.