Huge increase in offshore wind farms is expected in the coming years as renewable energy production is at a turning point for growth as combined with falling costs create the right conditions for major investments in the future.
BP Senior Vice President Zero Carbon Energy executive Felipe Arbelaez at a conference last week said “Offshore wind potential is global and (we should) expect more countries around the world to follow.” The cost of offshore wind development has fallen rapidly in recent years as technologies improve and larger projects are developed, Arbelaez said.
“The path of growth we see going into 2030 is continued growth in the double digits,” he said, adding that growth is likely to slow after the end of the decade.
- Research-pilot project for 100% recyclable wind turbines
- Renewable Energy produce cheaper electricity in most countries
BP and other European oil companies recently snapped up offshore wind assets, with BP signing a $1.1 billion deal with Norway’s Equinor late last year for a 50% stake in two offshore wind developments in the US, allowing companies to limit reliance on fossil fuels and meet aggressive climate targets.
- Offshore wind power is the use of wind farms built on bodies of water, usually in the ocean, to harvest wind power to generate electricity. Higher wind speeds are available offshore compared to land,