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Rising Adoption of Precision Farming Technique

But despite positive trends in offshore wind technology and finance last year, more still needs to be done to deliver the volumes European governments want, industry body WindEurope warned. Moreover, A record Euro 26.3 billion was invested in new European offshore wind farms in 2020, but new installations continued to lag behind the volumes needed to hit EU targets.

These investments will finance 7.1 GW of new capacity, but this still falls well short of the annual installations needed to meet European governments' targets. Meanwhile, new grid-connected capacity dropped from record levels in 2019, though the 2.9 GW brought online last year was in line with WindEurope's pre-coronavirus pandemic forecast.

The industry body also noted increased interest from corporate off-takers, turbines' increased power ratings, and greater interest in areas beyond the North Sea. However, it warned that installations need to ramp up. There is still a need for new development to enable cross-border offshore wind farms, simplify and accelerate project permitting and improve maritime spatial planning.

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Investment in Europe

The record Euro 26.3 billion investments in seven new projects off the UK, the Netherlands, Germany, and France will finance 7.1 GW of offshore wind capacity. This Euro 3.7 million/MW investment average is below previous levels. In 2019, final investment decisions (FIDs) were made on four wind farms, with an average investment of Euro 4.3 million/MW – although this included France's first offshore wind farm, the price of which had been pushed up permitting challenges and having to manufacture the project's turbines in France, following tender rules.

The UK has attracted Euro 59 billion of new investments since 2010, making it Europe's largest offshore wind market for capital spending commitments in the past ten years, ahead of Germany, where Euro 28 billion has been spent in the same period.

Installations in Europe

Nine new offshore wind farms were connected to the grid in five countries last year, with the most capacity installed off the Netherlands (1,943 MW), followed by Belgium (706 MW), the UK (483 MW), Germany (219 MW), and Portugal (17 MW).

There were large orders placed for GE's 13 MW model in 2020, while both the US tech giant and rival manufacturer Siemens Gamesa also announced new 14MW turbines. New offshore wind farms now have capacity factors of more than 50%, according to WindEurope.

The Task Ahead: A Conclusion

Despite optimistic trends in finance and technology, more still needs to be done to deliver the volumes needed to reach European governments' collective commitments of 111 GW offshore wind capacity by 2030 and the EU targets of 300 GW by 2050.

In 2019, the EU published its offshore renewable energy strategy, which introduces its targets to 300 GW offshore wind capacity, especially in the EU-27 by 2050. Including non-member states' drives, primarily the UK and Norway, it is expected that Europe could have around 400 GW of offshore wind capacity by mid-century if all strategic plans are achieved. Furthermore, WindEurope specified there is no reason to assume these targets could not be hit but cautioned that the next 2-3 years would be crucial for setting the right framework to meet these targets.

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The industry body added that the European governments would need to tamp up from the current 3 GW/year level to 11 GW/year by 2026 and further maintain the region's installation pace. The European has a comprehensive legislative framework for hybrid offshore wind projects, enhanced maritime spatial planning, and streamlined permitting procedures to unleash Europe's offshore wind energy sector's full potential.

[pukkapartners]

2020: An Opportunistic Year for European Offshore Wind Investments

But despite positive trends in offshore wind technology and finance last year, more still needs to be done to deliver the volumes European governments want, industry body WindEurope warned. Moreover, A record Euro 26.3 billion was invested in new European offshore wind farms in 2020, but new installations continued to lag behind the volumes needed to hit EU targets.

These investments will finance 7.1 GW of new capacity, but this still falls well short of the annual installations needed to meet European governments' targets. Meanwhile, new grid-connected capacity dropped from record levels in 2019, though the 2.9 GW brought online last year was in line with WindEurope's pre-coronavirus pandemic forecast.

The industry body also noted increased interest from corporate off-takers, turbines' increased power ratings, and greater interest in areas beyond the North Sea. However, it warned that installations need to ramp up. There is still a need for new development to enable cross-border offshore wind farms, simplify and accelerate project permitting and improve maritime spatial planning.

VIEW FOR MORE INFORMATION:- https://www.pukkapartners.com

Investment in Europe

The record Euro 26.3 billion investments in seven new projects off the UK, the Netherlands, Germany, and France will finance 7.1 GW of offshore wind capacity. This Euro 3.7 million/MW investment average is below previous levels. In 2019, final investment decisions (FIDs) were made on four wind farms, with an average investment of Euro 4.3 million/MW – although this included France's first offshore wind farm, the price of which had been pushed up permitting challenges and having to manufacture the project's turbines in France, following tender rules.

The UK has attracted Euro 59 billion of new investments since 2010, making it Europe's largest offshore wind market for capital spending commitments in the past ten years, ahead of Germany, where Euro 28 billion has been spent in the same period.

Installations in Europe

Nine new offshore wind farms were connected to the grid in five countries last year, with the most capacity installed off the Netherlands (1,943 MW), followed by Belgium (706 MW), the UK (483 MW), Germany (219 MW), and Portugal (17 MW).

There were large orders placed for GE's 13 MW model in 2020, while both the US tech giant and rival manufacturer Siemens Gamesa also announced new 14MW turbines. New offshore wind farms now have capacity factors of more than 50%, according to WindEurope.

The Task Ahead: A Conclusion

Despite optimistic trends in finance and technology, more still needs to be done to deliver the volumes needed to reach European governments' collective commitments of 111 GW offshore wind capacity by 2030 and the EU targets of 300 GW by 2050.

In 2019, the EU published its offshore renewable energy strategy, which introduces its targets to 300 GW offshore wind capacity, especially in the EU-27 by 2050. Including non-member states' drives, primarily the UK and Norway, it is expected that Europe could have around 400 GW of offshore wind capacity by mid-century if all strategic plans are achieved. Furthermore, WindEurope specified there is no reason to assume these targets could not be hit but cautioned that the next 2-3 years would be crucial for setting the right framework to meet these targets.

ENGAGE WITH US:- engage@pukkapartners.com

The industry body added that the European governments would need to tamp up from the current 3 GW/year level to 11 GW/year by 2026 and further maintain the region's installation pace. The European has a comprehensive legislative framework for hybrid offshore wind projects, enhanced maritime spatial planning, and streamlined permitting procedures to unleash Europe's offshore wind energy sector's full potential.