BVG Associates (BVGA) has published an updated report on future costs of energy for offshore wind for InnoEnergy, examining how technology innovation is anticipated to reduce the cost of energy from European offshore wind farms up to 2030.
The report details 57 technology innovations that will have greatest impact on reducing the cost of electricity from European offshore wind farms.
Working with InnoEnergy, BVGA has developed future technology cost models for four renewable energy generation technologies. The cost models explore and track the impact of innovations on the levelised cost of energy (LCOE) in a consistent way across the four technologies.
The study centres on a cost model in which a range of technology innovations impact on the cost elements of baseline wind farms . These wind farms are defined in terms of the turbine size, site types and four points in time at which the projects reach the final investment decision (FID).
This report is an update of previous reports published by InnoEnergy in June 2014 and September 2016, and uses the same input data structure.