Global floating wind capacity ‘to grow 2,000-fold by 2050’

08/12/2020 09:02 Wind


A new study predicts installed capacity of floating wind will soar from its current level of 100MW to as much as 250GW by mid-century

Global floating wind capacity is likely to grow 2,000-fold by 2050, says risk management and quality assurance company DNV GL.


In a new study, the firm predicts the installed capacity of floating wind will soar from its current level of 100MW to as much as 250GW by mid-century and notes the burgeoning technology is likely to play an important role in decarbonising energy systems around the world.


The report suggests floating wind turbines, which unlike traditional wind infrastructure can be built in any depth of water, could contribute around 2% of the world’s electricity supply by 2050 – it also notes that it provides a great opportunity to power mega-cities in the Asia-Pacific region with renewable energy.


It expects the cost of floating wind energy will fall by around 70% by this time, dropping to a global average of €40 (£36.5) per MWh, with this reduction to be driven by bigger turbines, larger projects, new developments in technology and a more-established supply chain.


DNV GL notes that in order for this growth to happen, more comprehensive industry standards and risk management will be needed to build stakeholder confidence and help leverage the necessary investment.


Magnus Ebbesen, Floating Wind Lead at DNV GL said: “There is a lot of room for innovation and optimization, but also for brand new solutions.


“That brings some risk, but risks that can be managed and minimized. With an evolving technology, flexibility and forward-thinking are imperative. Get it right, and floating wind presents a very attractive opportunity with healthy returns – for investors and the planet.”

UK to set up green infrastructure bank

04/03/2021 08:15:00

The bank will be able to deploy £12bn of equity and debt capital and issue up to £10bn of guarantees. It should support up to £40bn of total investment, Sunak said.


Daily (03.03.2021): Oil prices tumbled to two-week lows on Tuesday amid expectations that OPEC will boost output

03/03/2021 10:37:00

Crude oil prices remained on the back-foot for the fourth consecutive day on Tuesday amid expectations that OPEC+ producers will ease supply curbs at their meeting later this week as the global oil demand shows signs of recovery from the coronavirus pandemic. Hence, Brent crude dropped by 99 cents, or 1.6%, to settle at $62.70 a barrel, its lowest close since Feb. 12. U.S. WTI crude fell by 89 cents, or 1.5%, to $59.75, its lowest settlement since Feb. 19.


Brussels opens in-depth investigation into Germany’s coal phase-out plan

03/03/2021 09:10:00

The German Bundestag sealed an agreement in June last year to compensate RWE and LEAG with €4.35 billion for closing the country’s last remaining coal plants and mining operations by 2038.