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With the right build out and regulatory framework the industry is confident that it can achieve cost levels below €80/MWh for projects reaching final investment decision in 2025, including the costs of connecting to the grid. This means offshore wind will be fully competitive with new conventional power generation within a decade.

As an industry, the joint and individual actions taken across the value chain will deliver lasting and tangible advancements that will establish offshore wind as an indispensable source of power generation. This commitment is only possible with a stable, long-term market for renewables in Europe. If the offshore industry is to realise its cost reduction goals, a strong pipeline of projects is needed to scale up offshore deployment and identify efficiencies in the supply chain. Following a record year for installations in 2015, a serious question mark remains over the post-2020 environment for offshore wind. Policymakers at European and national level must set out clear visions for the industry after 2020 with robust laws that give investors peace of mind and visibility well into the future. This commitment is only possible with a stable, long-term market for renewables in Europe. If the offshore industry is to realise its cost reduction goals, a strong pipeline of projects is needed to scale up offshore deployment and identify efficiencies in the supply chain. Following a record year for installations in 2015, a serious question mark remains over the post-2020 environment for offshore wind. Policymakers at European and national level must set out clear visions for the industry after 2020 with robust laws that give investors peace of mind and visibility well into the future. In addition to stable regulation, regional cooperation on offshore wind between European countries is of vital importance, particularly in the northern seas.  Closer regional cooperation, e.g. on planning, financial and regulatory issues, would help to reduce costs and remove barriers to investment.  The declaration is signed by the management of Adwen, EDP Renewables, Eneco Energie, E.ON Climate & Renewables, GE Renewable Energy, Iberdrola Renovables, MHI Vestas Offshore Wind, RWE Innogy, Siemens Wind Power, Statoil, and Vattenfall.

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