BNEF: Offshore Wind Levelized Costs to Fall 71% by 2040

Source: Gemini Windpark

Offshore wind levelized costs will slide 71% by 2040, according to the latest long-term forecast from Bloomberg New Energy Finance (BNEF).

The reduction in costs will be helped by development experience, competition and reduced risk, and economies of scale resulting from larger projects and bigger turbines, BNEF said in the New Energy Outlook 2017.

Overall, renewable energy sources such as solar and wind are set to take almost three quarters of the USD 10.2 trillion the world will invest in new power generating technology over the years to 2040, BNEF said.

Wind will draw USD 3.3 trillion and will see a fourfold increase in capacity by 2040. As a result, wind and solar will make up 48% of the world’s installed capacity and 34% of electricity generation by 2040, compared with just 12% and 5% now.

China and India will account for 28% and 11% of all investment in power generation by 2040, BNEF said. Asia Pacific will see almost as much investment in generation as the rest of the world combined. Of this, just under a third goes to wind and solar each, 18% to nuclear and 10% to coal and gas.

The report shows earlier progress than its equivalent a year ago towards decarbonization of the world’s power system – with global emissions projected to peak in 2026 and to be 4% lower in 2040 than they were in 2016.
“This year’s report suggests that the greening of the world’s electricity system is unstoppable, thanks to rapidly falling costs for solar and wind power, and a growing role for batteries, including those in electric vehicles, in balancing supply and demand,” said Seb Henbest, lead author of NEO 2017 at BNEF.

Share this article

Follow Offshore Wind

Events>

<< Oct 2017 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

66 kV Offshore Wind

The 4th International Conference 66 kV Offshore Wind will focus on project requirements and technology developments for the implementation…

read more >

AWEA Offshore WINDPOWER 2017

Since our initial offshore event launch, nearly 9 years ago in 2008, the AWEA Offshore WINDPOWER Conference program has cultivated a dedicated…

read more >

Offshore Wind North East Conference & Exhibition

NOF Energy invites you to attend Offshore Wind North East Conference & Exhibition 2017. In partnership with Energi Coast, North East England…

read more >

Offshore Wind Week – East Anglian Event

EEEGR is delighted to be able to announce that it will, once again, be working with RenewableUK, the main offshore wind operators in their…

read more >

Jobs>

Offshore Wind jobs in Taiwan at New Power Partners

New Power Partners offers global management and support services to the Offshore Wind Industry within development, planning and construction activities ...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreWIND.biz, you’ll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreWIND.biz, you’ll reach countless professionals in the sector. For more information, click below...

apply

Vessels>