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Market Outlooks

US Offshore Wind to Hit 14 GW by 2030, Missing President Biden’s 30 GW Target – ACP Report

The American Clean Power Association (ACP) has projected there will be approximately 14 GW of offshore wind capacity deployed by 2030, falling short of the 30 GW goal set by the Biden Administration in 2021. ACP’s recent report also outlines USD 65 billion (approximately EUR 60 billion) in investmen

about 2 years ago

ENGIE Fabricom and Iemants to Build Dutch Offshore Substations

Market Outlooks

European Offshore Wind Substations to Require USD 20 Billion Investment by 2030, Rystad Energy Says

According to a recent report from Rystad Energy, continental Europe will see the installation of 137 offshore substations over the coming decade, with an estimated total investment of USD 20 billion (approximately EUR 18.6 billion). According to the report, over 120 substations will be installed bet

about 2 years ago

Ørsted Reveals Offshore Wind Plans in South Korea

Market Outlooks

Offshore Wind Farms Could Spark EUR 65 Billion Economic Boom in South Korea – Report

The construction of offshore wind farms in South Korea could introduce over 770,000 job opportunities and contribute KRW 87 trillion (approximately EUR 65 billion) worth of investments into the economy, according to two reports from the Global Wind Energy Council (GWEC). GWEC’s new reports reveal th

about 2 years ago

Market Outlooks

UK ESO Unveils GBP 58 Billion Grid Investment Plan to Reach 86 GW of Offshore Wind by 2035

Great Britain’s electricity system operator (ESO) has proposed a GBP 58 billion (approximately EUR 68 billion) investment in the electricity grid. The proposal outlines a vision for incorporating an additional 21 GW of offshore wind into the grid by 2035, which would bring the country’s total offsho

about 2 years ago

Market Outlooks

Japan Achieves 153.5 MW of Offshore Wind Capacity in 2023

Japan has added 572.3 MW of new wind capacity in 2023, resulting in a total operational wind energy capacity of 5,213.4 MW for the first time, according to preliminary data published by the Japan Wind Power Association (JWPA). As for offshore wind, the country had 153.5 MW of installed capacity at t

about 2 years ago

Market Outlooks

Danish Offshore Wind Giant Exits Markets, Axes Renewable Energy Targets, and Reduces Positions

Denmark-headquartered Ørsted has revealed a substantial revision of its plans, including a reduced 2030 renewable energy target, job cuts, exit from several markets, and “leaner development” within floating offshore wind and Power-to-X. As a result of the business plan approved by Ørsted’s Board of

about 2 years ago

Market Outlooks

German and Dutch North Sea Yields 30 TWh of Offshore Wind Energy

Offshore wind farms in the German and Dutch North Sea generated over 30 TWh of renewable power, according to the German-Dutch transmission system operator (TSO) TenneT. The TSO transmitted around 19.24 TWh of wind energy from the German North Sea to land in 2023 and another 11.54 TWh entered the Net

about 2 years ago

A photo of the Rampion offshore wind farm off Brighton, UK, in sunrise

Market Outlooks

Westwood: 40 Pct of Pre-FID Offshore Wind Projects Potentially at Risk

A new analysis from Westwood Global Energy Group found that nearly 40 per cent of the 380 GW of pre-sanctioned offshore wind projects that are expected to reach a final investment decision (FID) between 2024 and 2030 may be at risk. The offshore wind farms currently in the pre-FID stage, totalling 3

about 2 years ago

Photo from Borkum Riffgrund 2 which came into operation in 2018.

Market Outlooks

Europe Installs Record-Breaking 4.2 GW of Offshore Wind in 2023

Europe’s offshore wind industry brought online a record 4.2 GW of new capacity in 2023 and is expected to build around 5 GW of offshore wind annually over the next three years, according to WindEurope data. However, this is still not enough to meet the continent’s 2030 climate and energy security ta

about 2 years ago

Market Outlooks

EU Adds 3 GW of Offshore Wind in 2023

The EU has added 17 GW of new wind energy in 2023 with 3 GW coming from offshore wind farms, according to WindEurope data. According to the WindEurope data, Germany built the most new wind capacity followed by the Netherlands and Sweden. The Netherlands built the most new offshore wind, including th

about 2 years ago

Ørsted and Eversource Set Aside USD 5 Million for Offshore Wind Research

Market Outlooks

US Energy Company Braces for USD 1.6 Billion Offshore Wind Impairment Charge

Eversource Energy expects to record an impairment charge of between USD 1.4 billion and USD 1.6 billion related to three offshore wind projects in the United States the company owns in partnership with Ørsted. The New England utility is currently in the process of divesting its 50 per cent ownership

about 2 years ago

Market Outlooks

Offshore Wind: Both Challenges and Enormous Opportunities Lie Ahead

The offshore wind industry has faced significant headwinds in the past couple of years, with most of the negative effects tracing their origin back to the start of the COVID-19 pandemic and the geopolitical turmoil caused by Russia’s aggression against Ukraine. This has led to supply chain instabili

about 2 years ago

Market Outlooks

Offshore Wind Turbines in 2023: 16 MW Model Installed Offshore, 18 MW WTGs Selected for New Project, 22 MW Turbine Announced

The biggest wind turbines also make for some of the biggest news on offshoreWIND.biz. In 2023, wind turbine OEMs continued making headlines with their models in development and on the path to commercialisation, and by announcing brand new wind turbine generators (WTGs) that further raise the bar in

about 2 years ago

Market Outlooks

EU Commits to 111 GW of Offshore Renewable Energy by 2030 as 26 Member States Sign European Wind Charter

Today, 19 December, the energy ministers of 26 European Union Member States signed the European Wind Charter, by which the state governments officially commit to deliver on the actions set out in the EU Wind Power Package, which the European Commission published in October. The Charter, which was al

about 2 years ago