Global: Offshore wind costs falling fast confirmes new study

The second annual Cost Reduction Monitoring Framework (CRMF) report, delivered by ORE Catapult on behalf of the Offshore Wind Programme Board, has provided strong evidence that the cost of energy from offshore wind continued to fall through 2015 and remains on track to deliver the target of £100/MWh by 2020.

The report also identifies forthcoming announcements on timing and scale of future Contracts for Difference (CfD) auctions and long term capacity requirements as key enablers of further cost reduction. It also shows that investment in turbine technology has delivered significant cost benefits, but that further reduction will need to come from the innovations in ‘balance of plant’, such as foundations, cables and substations.

Access the full reports on our website