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World Energy Council 2013 Cost of Energy Technologies that figure will be down to 60% and China on its own will account for nearly 30% of capacity installed. Note that offshore wind CAPEX is exclusive of grid-connection charges. The financing of offshore wind projects differs substantially from that for other renewable sources due to the sheer magnitude of the projects. Most of the projects financed over the past year have been over valued at over USD1bn with two projects over USD2bn. At these sizes complex financing structures are required and many deals involved the participation of numerous commercial banks and one or more multilateral development banks. Table 3 Levelised cost of offshore wind by country Source: Bloomberg New Energy Finance Western Europe 4.29–6.08 100,000 32–42 –160,000 147–367 Geography CAPEX (USDm/MW) OPEX (USD/MW/yr) Capacity factor (%) LCOE (USD/MWh) As a percentage of LCOE, O&M costs make up a substantially higher portion of end costs for offshore wind than for onshore wind. The harsh environments inherent at sea and the higher degree of difficulty in accessing sites and transporting equipment are key drivers of these costs. Turbines are the main component of offshore CAPEX, representing approximately 30–40% of total costs. The market for offshore turbines is much more concentrated that that of onshore, with Siemens alone making up nearly 60% of historical and forecasted installed capacity from 2010–2020. Scale is another major differentiator – turbine sizes for the offshore market can reach as large as 6MW each. Other key drivers are foundations and the cost of installation, which can vary substantially as a function of sea depth. Bottlenecks such as access to installa- tion vessels and construction of offshore grid infrastructure are causing delays in the industry, which increase contingency costs. Grid connection charges vary but can represent around 20% of total CAPEX costs; although for the purposes of this report those costs are excluded. Tax represents about 25% of the LCOE, which is much higher than the 19% for onshore wind. One of the key drivers here is that it is assumed that onshore wind has greater access to debt financing, which leads to a higher interest expense thereby reducing the tax liability for onshore relative to offshore. North America has yet to commission any offshore wind projects due to persistent delays in the installation of announced projects and problems crossing legal regulatory and regulatory hurdles. Permissions and incentives to build offshore wind farms depend on the jurisdiction of the water, since different policies may apply in federal or state waters. The 485MW Cape Wind project recently confirmed sale of 75% of its potential output and reached several key financing milestones. Until successful commercial operation of this and other smaller pro- jects it will remain difficult to accurately assess LCOEs in the United States. The Middle East & Africa and South America are not currently forecasted to be areas where offshore wind will be deployed in the coming decade and as such have been excluded from our analysis. 17PDF Image | Cost of Energy Technologies
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