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OFFSHORE WIND IRENA’s available data for demonstration and commercial projects that have been installed or are expected to be installed by 2024 shows projects in water depths with between 50 – 515 m24. The available cost and performance data for pre-commercial and planned commercial projects (with the projects varying in size from 2 MW – 400 MW)25 is modest, but provides some insight into the cost evolution of floating offshore wind (Figure B5.2). Given this data is for demonstration and pre-commercial projects, the data needs to be treated with caution, as it is not representative of what commercial floating offshore wind costs might be. The data indicates that for these projects, total installed costs could fall by 70% between 2010 and 2024, from USD 14 161/kW to USD 4 310/kW. By 2024, the projects being built have an implied LCOE of around USD 0.13/kWh. If confirmed by more projects, these values must be considered very encouraging given the industry is expected to be commissioning mostly relatively small commercial projects from 2022 onwards. Figure B4.2 Global weighted average total installed costs, capacity factors and LCOE for floating offshore wind, 2010–202226 18 000 16 000 14000 12 000 10 000 8 000 6 000 4 000 2 000 0 Total installed cost 16 529 60% 50% 40% 30% 6 671 20% Capacity factor 51% Levelised cost of electricity 0.90 0.88 14 161 12 679 5 153 48% 43% 29% 49% 44% 0.75 43% 0.60 0.45 0.30 0.15 0.00 0.71 0.50 9 293 28% 28% 7 665 6 092 25% 4 927 4 493 4 310 17% 0.22 0.24 0.21 0.17 10% 0% 0.18 0.16 0.14 0.13 Source: IRENA Renewable Cost Database Developments to support the commercialisation of floating offshore wind are accelerating. For example, there is ongoing work by the International Electrotechnical Commission (IEC) to develop international standards that would contribute to mitigating some of the technical risks associated with the technology. The IEC sub-committee TC 88/PT 61400-3-2 includes representatives from China, Denmark, France, Germany, Japan, the Netherlands, Norway, the Republic of Korea, South Africa, Spain, the United Kingdom; is working on standards for the ‘Design requirements for floating offshore wind turbines.’ (IRENA, 2018b). 24 Based on the 5th and 95th percentile water depth of projects deployed between 2010 - 2022. 25 Includes installations that are operational, have been decommissioned, are permitting, or have been announced. 26 Mostly pre-commercial projects. 87 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2019 USD/kW Capacity factor 2019 USD/kWhPDF Image | RENEWABLE POWER GENERATION COSTS IN 2019
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