2024-12-22
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Beneath the waves: $20 billion to flow into European offshore substations this decade

Beneath the waves: $20 billion to flow into European offshore substations this decade
06/19/2024

Offshore wind installations are gathering pace worldwide leading to the need for reliable, accessible infrastructure to bring the generated power onshore and into the electricity grid.

BRICS expansion to widen the renewable energy gap with the G7, ushering in new global market dynamics

09/28/2023

The planned expansion of the BRICS bloc, through the addition of new members Saudi Arabia, Iran, United Arab Emirates (UAE), Egypt, Ethiopia and Argentina, will transform the grouping into a global leader in renewable energy in the coming decades, Rystad Energy research shows.

Shortage looming as Europe's demand for offshore wind towers to surpass manufacturing capacity by 2028

06/30/2023

Offshore wind developments are a critical component of Europe’s energy transition plans, but a supply headache could be on the horizon for the industry before the end of the decade. Rystad Energy’s modeling shows that in 2028, demand for offshore turbine towers will outstrip manufacturing capacity, signaling that time is running out for the continent to address the issue and ramp up production capabilities.

Spain’s renewable power generation to top 50% in 2023, surpassing European neighbors on strong wind and solar capacity

06/09/2023

Spain is on track to generate more than half of its power from renewable sources this year, the first of the top five European countries by power demand to accomplish this feat, according to Rystad Energy forecasts.

Iberia: A new European energy powerhouse emerges

11/02/2022

Iberia is well positioned to compete with – or even replace – Northern Europe’s existing energy industrial hub as sectors in Spain and Portugal can call on abundant sunshine, strong winds and mature gas infrastructure as well as a wealth of industry and managerial expertise.

Energy crisis: the beginning of the end for gas-fired power in Europe

10/28/2022

Gas-fired power generation, which is currently part of Europe’s electricity backbone, is being threatened by high prices, market challenges and the declining cost of renewable energy.

Inflation Reduction Act will attract an extra $270 billion in US wind and solar investments by 2030

08/29/2022

The Inflation Reduction Act is set to boost installed solar and onshore wind capacity in the US by 40% by 2030, with an extra 155 gigawatts (GW) of capacity expected to come online this decade, Rystad Energy research shows. The Inflation Reduction Act, signed into law by President Joe Biden earlier this week, extends and expands upon existing tax credits, improving project economics and encouraging investments in renewable energy projects.

Offshore wind capacity additions in Europe to break records in 2022, driven by UK developments

04/25/2022

New offshore wind capacity additions in Europe are poised to hit a record high this year, topping 4 gigawatts (GW) for the first time and more than doubling additions seen in 2021, Rystad Energy research shows. The continent’s capacity additions in 2022 will hit 4.2 GW, beating the 2021 total of 1.8 GW and topping the previous annual record of 3.8 GW set in 2019.

Utility-scale renewable capacity additions set to pass 220 GW for the first time, but slowdown may be imminent

02/11/2022

New utility-scale renewables capacity is set to break records in 2022, hitting an all-time high of 220 gigawatts (GW) globally with investments surpassing $300 billion for solar and wind combined, Rystad Energy research indicates. However, a slowdown of capacity additions could be around the corner as construction start-ups of large-scale projects are expected to stall.

Super-sized offshore wind installations could suffer bottlenecks from 2024 as vessels remain lightweight

02/04/2022

Offshore wind turbines are growing in size as technology advances and demand for renewable energy soars but installing them could be a headache for operators as demand will outpace the supply of capable vessels by 2024, Rystad Energy research shows. Operators will have to invest in new vessels or upgrade existing ones to install the super-sized turbines that are expected to become the norm by the end of the decade, or the pace of offshore wind installations could slow down.

Offshore wind spending is closing the gap against O&G, will exceed it in more regions by 2030

11/08/2021

Offshore wind spending is increasingly closing the gap on oil and gas (O&G) investments and is forecast to surpass them in several key markets by 2030, Rystad Energy analysis indicates. While global O&G capital expenditure will rise nominally in this timeframe, anticipated growth in offshore wind investments will bring Europe, the United States and Asia (excluding China) to the tipping point before the end of the decade.

An expenditure splash of $810 billion is expected for the offshore wind industry this decade

05/03/2021

The offshore wind industry’s global installed capacity is set to exceed 250 gigawatts (GW) by 2030, driven by a surge in coming projects, a Rystad Energy report shows. The combined capital and operational expenditure for the decade is set to add up to an eye-popping $810 billion, signaling an increasing shift of investments from oil and gas to renewable energy technologies.

Renewables spending set for new record in 2021, luring service suppliers as oil and gas gap narrows

03/22/2021

Capital expenditure for renewable energy projects is set for a new record in 2021, a Rystad Energy analysis shows, forecast to reach $243 billion, and narrowing the gap with oil and gas spending, which is projected to be relatively flat this year at $311 billion. While oilfield service suppliers have taken considerable steps to make structural changes and diversify, 2020’s financial results suggest more needs to be done.

Hiring wave coming: Offshore wind staff demand to triple by 2030, hundreds of thousands needed

02/22/2021

The Covid-19 downturn has once again caused employment rates to plummet in the oil and gas industry. Even though some uptick is expected when the recovery arrives, employment will never return to the glories of just a few years ago. However, there is an energy segment that will be the new hiring haven for energy jobs, a Rystad Energy analysis shows – offshore wind.

Global installed offshore wind capacity to see 37% growth in 2021, fueled by China

02/05/2021

Despite the Covid-19 pandemic, the world’s installed offshore wind capacity rose by 15% in 2020, reaching 31.9 gigawatts (GW) at year-end, from 27.7 GW at the end of 2019, Rystad Energy estimates. China was the main contributor in 2020, accounting for 39% of last year’s additions, followed by the Netherlands (18%) and the UK (17%).

The world may not have enough heavy lift vessels to service the offshore wind industry post 2025

11/27/2020

Offshore wind is booming, and as turbine and project sizes grow, demand for specialized installation vessels will soar. The market for vessels capable of installing large offshore wind components is quickly being outpaced by growing demand from the global development pipeline, a Rystad Energy analysis shows. The global fleet will be insufficient to meet demand* after 2025, opening room for more specialized vessel orders and other oil and gas heavy lift vessel conversions.

Size matters in offshore wind: Why costlier 14 MW turbines actually reduce the large-scale farm bill

09/22/2020

Siemens Gamesa’s massive 14-megawatt (MW) wind turbine is set to become commercially available from the mid-2020s, furthering the industry’s push for larger and more efficient facilities. A Rystad Energy analysis shows that although they are more expensive to manufacture, choosing these giant turbines actually reduces overall costs for large-scale offshore wind farms.

COVID-19 set to wipe out global solar and wind project growth for 2020, slash new capacity from 2021

03/30/2020

Renewable energy projects expecting to achieve financial close or break ground globally will not avoid taking a hit from Covid-19’s effect on the economy. A Rystad Energy analysis shows that forecast growth in newly commissioned solar and wind projects will now be wiped out for 2020 and cut by a further 10% next year as the US dollar surges and currencies fall across the globe.

Put the jacket on! UK leads the offshore wind foundation trend that will break records this year

02/14/2020

The global offshore wind projects that are set to start-up this year will make 2020 the year with the highest ever use of steel jacket foundations for new developments, a trend led by the UK and that is here to stay, a recent analysis by energy knowledge house Rystad Energy showed.

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