Floating wind will play an important role in decarbonising the global energy system, contributing 2% of the world’s power supply by 2050, but more comprehensive industry standards and risk management is required for the technology to scale.
According to a new report by DNV GL, the cost of floating wind will fall approximately 70% by 2050 (to a global average of 40 EUR per MWh.) and offer new opportunities to players in the offshore wind, oil & gas and maritime industries as they shift their portfolios to become less dependent on fossil fuels.
DNV GL’s model predicted that the installed capacity of floating wind would grow from 100MW today to 250GW in 2050. Unrestrained by ocean depth, it will be an especially attractive option to bring wind power in reach of much more of the world’s population including the mega cities of Asia Pacific. Although the average cost is not expected to become less than for than bottom-fixed wind, the price difference will narrow as both fall. Key to these savings will be the introduction of larger turbines, larger wind farms, technology developments and the creation of a cost-competitive supply chain.