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Offshore wind, however, has the advantage of economies of scale, meaning that many of these costs are not disproportionately that much higher than for onshore wind. At the same time, the higher capacity factors offshore, more stable wind output (due to higher average wind speeds and reduced wind shear and turbulence), that also coincides with winter demand peaks in Europe ensures offshore wind output is of higher value to the electricity system than onshore wind. The promise of offshore wind has always been evident and in the last few years, it has started to realise its potential from scaling. Between 2010 and 2019, the average offshore wind project size increased by 67%, from 136 MW to 226 MW. There are currently projects being deployed in 2020 and beyond that have capacities exceeding 1 GW. The global weighted-average total installed cost of offshore wind farms increased from an average of around USD 2 600/kW in 2000 to an average of over USD 5000/kW between 2011 and 2014, as projects moved farther from shore and into deeper waters (Figure 4.4). The global weighted- average total installed cost peaked in 2013, when it reached USD 5 740/kW, and has since fallen to USD 3 800/kW in 2019. A number of factors explain the increase that occurred after 2008, including: • The shift to projects in deeper waters and farther from shore/ports increased logistical costs, installation costs and foundation costs. • the increasing scale and complexity of projects required a proportional increase in project development costs (surveys, licensing, etc.) • The industry was still in its infancy and the specialised installation vessels of today were not available, resulting in less efficient installation processes. Additionally, supply chains were not yet optimised, operating at scale and with widespread competition. • Rising commodity prices in this period also had a direct impact on the cost of transportation and on the offshore wind materials used in turbines, their foundations, transmission cabling and other components (IRENA, 2019a) Figure 4.4 Project and weighted average total installed costs for offshore wind, 2000-2019 OFFSHORE WIND 8 000 7 000 6 000 5 000 4 000 3 000 2 000 1 000 0 Capacity (MW) 200 400 600 800 China Europe Other Source: IRENA Renewable Cost Database. 79 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2019 USD/kWPDF Image | RENEWABLE POWER GENERATION COSTS IN 2019
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