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Offshore wind to become $1 trillion industry by 2040

- Global offshore wind installed capacity is expected to reach 560 gigawatts in 2040, new Int. Energy Agency report says

home > Wind, Invesments, International Organization, Europe, Asia 25.10.2019 11:50 Nuran Erkul

Offshore wind to become $1 trillion industry by 2040

Global offshore wind power capacity is expected to reach 560 gigawatts (GW) by 2040 attracting a cumulative investment of $1 trillion, the International Energy Agency's (IEA) new report released Friday finds.

The IEA published its Offshore Wind Outlook 2019 report that included the latest technologies and market developments in the sector.

According to the report, the European Union (EU), which accounted for 80% of global installed wind capacity with 23 GW by the end of 2018, is set to be the engine for growth.

The EU's installed wind capacity is projected to rise to nearly 130 GW by 2040. However, if the EU reaches its carbon-neutrality aims, offshore wind capacity would surpass 170 GW by 2040.

This increase will make offshore wind the region's largest source of electricity, the report unveils.

The IEA finds that China is also set to play a major role in offshore wind's long-term growth, driven by efforts to reduce air pollution.

"The technology is particularly attractive in China because offshore wind farms can be built near the major population centers spread around the east and south of the country," the report read.

China's offshore wind capacity is set to rise from 4 GW today to 110 GW by 2040 while policies designed to meet global sustainable energy goals could push that even higher to above 170 GW, according to the report.

The U.S., Japan, Korea and India will follow the EU and China in terms of capacity increase in offshore wind power.

-Technological progress triggers further growth

The increase in offshore wind capacity is driven by falling costs, supportive government policies and some remarkable technological progress, such as larger turbines and floating foundations, the IEA report shows.

"In the past decade, two major areas of technological innovation have been game-changers in the energy system by substantially driving down costs: the shale revolution and the rise of solar PV,” the IEA's Executive Director Fatih Birol was quoted as saying.

"And offshore wind has the potential to join their ranks in terms of steep cost reduction," he noted.

Birol will launch the report on Friday in Copenhagen, Denmark - considered the birthplace of offshore wind.

The IEA also disclosed that the huge potential in offshore wind is underscored by the development of floating turbines that could be deployed further out at sea.

"In theory, they could enable offshore wind to meet the entire electricity demand of several key electricity markets several times over, including Europe, the United States and Japan," the report said.

Although offshore wind currently provides just 0.3% of global power generation, Birol affirmed that its potential is vast.

"More and more of that potential is coming within reach, but much work remains to be done by governments and industry for it to become a mainstay of clean energy transitions," he stated.

By Nuran Erkul Kaya

Anadolu Agency

energy@aa.com.tr



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- Wind turbine manufacturer to install 63 AW125/3150 turbines in spring 2020
29.05.2019 Wind , News from companies , Americas , General

Enel starts build of 140 MW wind farm in South Africa

- Oyster Bay wind farm to generate 568 gigawatt-hours annually once fully operational
28.05.2019 Wind , Europe , Middle East-Africa , General

Enel starts build of its first wind farm in Russia

- Rostov region's first renewable project, 90-MW Azov wind farm, is set to enter into service in 2020
25.05.2019 Wind , News from companies , Europe , Eurasia , General

Vestas secures 44 MW order for Chinese wind project

- Danish company to supply 20 V120-2.2 MW turbines with tall tower solution
24.05.2019 Wind , News from companies , Asia , General

Fortum to build its first large-scale Finnish wind park

- Project consists of 21 wind turbines with a total capacity of 90.3 megawatts
22.05.2019 Wind , Europe , General

Turkish Akfen starts power generation at Ucpinar plant

- First phase of 112 megawatts wind energy plant with $143 million investment volume comes online
20.05.2019 Electricity , Renewable , Wind , Turkey

Scotland's largest offshore wind farm completes build

- Beatrice, located approximately 13 kilometers from Caithness coast, to be fully operational in summer 2019
17.05.2019 Wind , Europe

Vestas' revenue increases 2% in 1Q19

- Strong global demand for wind energy continues in first quarter of 2019, says CEO
08.05.2019 Wind , Europe , General

Local & renewables form 84% of Turkey's power on May 6

- Wind power adds 12% to Turkey's electricity on May 6
07.05.2019 Renewable , Coal , Wind , Renewable , Turkey , General

Local, renewables share in Turkey increases 62% in 1Q19

- Of 74.25 billion kilowatt-hours of electricity produced in 1st quarter, 46.11 billion is from local and renewable resources
07.05.2019 Natural Gas , Finance , Wind , Solar , Renewable , Turkey , General

Nordex to supply further 29 turbines for Ukraine's largest project

- German manufacturer receives order for final construction phase of 245.7 MW Syvash wind farm
05.05.2019 Wind , News from companies , Europe , Eurasia , General

Vestas secures 71 MW wind projects in Finland

- Danish company to supply 17 V150-4.2 MW turbines for French Valorem's first projects in country
05.05.2019 Wind , News from companies , Europe , General

Germany's Nordex Group joins Global Wind Organisation

- Group, which creates safety training standards for wind turbine industry, now boasts 17 members
02.05.2019 Wind , News from companies , World , Europe , General

Turkey produces 86% electricity from local, renewable on May 1

- Turkey produced 50.12% of electricity from hydro plants on Wednesday
03.05.2019 Electricity , Wind , Turkey , General

EBRD loans €48M for 220 MW wind farm in Poland

- Potegowo wind farm is set to be one of the largest in the country and is expected to offset 480,000 tonnes of CO2 per year
02.05.2019 Wind , Europe , General

Orsted invests in Taiwan's largest offshore wind farm

- Changhua 1 and 2a will have capacity of approx. 900 MW, enough to supply around 1 million households with green power
30.04.2019 Wind , News from companies , Asia , General

Siemens Gamesa receives order for 43 turbines in Canada

- The order includes 43 SG 4.5-145 turbines with a flexible rating of up to 4.8 megawatts
26.04.2019 Finance , Wind , Americas , General

New, improved wind farms needed to hit UK climate goal

- Report calls for government & local authority teamwork for policies to include permission for re-powering where appropriate
26.04.2019 Wind , Europe

E.ON partners with Japanese offshore wind developer

- German company signs cooperation agreement with Kyuden Mirai Energy
26.04.2019 Wind , Europe

Vestas secures its largest wind order in Poland

- Danish company to supply V126-3.45 MW turbines for 132 MW Jasna project in north
24.04.2019 Wind , News from companies , Europe , General

Europe invests €27 billion in new wind farms in 2018

- Onshore wind of around 12.5 gigawatts bagged majority of announced investments last year for future new capacity
20.04.2019 Finance , Wind , Americas , General

Germany, Norway open offshore wind farm in Baltic Sea

- Arkona wind farm has capacity to supply renewable energy to 400,000 homes
17.04.2019 Wind , Invesments , Energy Projects , Europe

Nordex Group posts wind order intake of 1 GW in 1Q19

- German wind turbine manufacturer receives orders from 13 countries
17.04.2019 Wind , News from companies , World , General

Siemens Gamesa to supply two French offshore wind projects

- German company will also service projects under development awarded to Eolien Maritime France consortium in 2012 tender
17.04.2019 Wind , News from companies , Europe , General

Vattenfall, SG to install powerful turbines in N. Sea

-Vattenfall and Siemens Gamesa are joining forces to deploy a total of 76, 10 MW offshore wind turbines in the North Sea
16.04.2019 Wind , Renewable , Europe , General

Siemens G. to supply Denmark's Thorup-Sletten wind farm

- Siemens Gamesa will supply 18 wind turbines for the 77-megawatt Thorup-Sletten project in Denmark
13.04.2019 Finance , Wind , Europe , General

Vestas acquires 25.1% stake in German SOWITEC

- Acquisition of minority stake comes with option to buy entire company within three years
12.04.2019 Renewable , Wind , Solar , News from companies , Europe , General

Engie, Tokyo Gas to establish renewables JV in Mexico

- Heolios EnTG will develop, finance, construct, own, operate and maintain two wind and four solar projects
10.04.2019 Renewable , Wind , Solar , News from companies , Americas , General

IEA lauds Sweden's energy policies in latest report

- Sweden’s energy policy is well-integrated with its climate objectives, according to IEA's latest country report
10.04.2019 Wind , Europe , General

Amazon announces three new wind power projects

- Wind farms, planned in Ireland, Sweden, and U.S. are to produce more than 670 gigawatt-hours of annual power
10.04.2019 Wind , Americas

EC fines GE €52 million in relation to LM Wind takeover

- European Commission says General Electric provided incorrect information during merger investigation
09.04.2019 Wind , Energy Diplomacy , Europe , General

Saudi Arabia to install more solar, wind energy by 2028

-Developers in Saudi Arabia will build 6.2 GW of wind capacity between 2019-2028, and 53 GW of PV capacity through 2024
09.04.2019 Finance , Wind , Solar , General

Global Wind Energy Council sees steady growth up to 2023

- GWEC Market Intelligence expects new installations for onshore and offshore of more than 55 GW each year until 2023
06.04.2019 Finance , Wind , General

GE to supply turbines for 342MW wind project in Spain

- GE Renewable Energy will install 91 onshore wind turbines from its 3MW platform
04.04.2019 Wind , News from companies , Europe , General

Nordex secures 157.5 MW wind farm deal in Australia

- German manufacturer to supply 35 N149/4.0-4.5 turbines for Mortlake South Wind Farm project in Victoria
02.04.2019 Wind , News from companies , Asia , General

MHI Vestas to supply offshore wind project in Scotland

-Kincardine, world's largest floating offshore park, will be first floating project worldwide to have wind turbines over 9 MW
03.04.2019 Wind , News from companies , Europe , General

Nordex Group receives 166 MW order from Argentina

- German manufacturer to supply 38 N149/4.0-4.5 wind turbines for independent power producer Genneia
02.04.2019 Wind , News from companies , Americas , General

Vestas to supply Denmark's first subsidy-free wind park

- Danish wind giant to install four V136-4.2 MW turbines for 17-megawatt project in Port of Hirtshals
30.03.2019 Wind , News from companies , Europe , General

Enel begins build of four wind farms in Zaragoza, Spain

- Four facilities with total capacity of 110 MW will generate up to 375 gigawatts-hour per year once operational by year's end
29.03.2019 Wind , News from companies , Europe , General

Nordex Group announces new N149/5.X turbine

- German manufacturer adds third wind turbine model to its Delta4000 series designed for low to moderate-wind areas
27.03.2019 Wind , News from companies , Europe , General

Vestas secures 96 MW wind farm order in Mexico

- Engie's Eolica Tres Mesas IV project in Tamaulipas to feature first 150-meter Vestas rotors in country
22.03.2019 Wind , News from companies , Americas , General

Nordex starts production of Delta4000 wind turbine series

- N149/4.0-4.5 turbine yields up to 28 pct more energy, making it firm's most efficient turbine for low- to medium-wind sites
20.03.2019 Wind , News from companies , Europe , General

EBRD offsets own carbon emissions

- Bank purchases carbon credits from Turkish wind farm to offset emissions from its operations including flights
19.03.2019 Renewable , Wind , Europe , General

Turkish Akfen's first wind plant in Kocalar starts ops.

- Plant to meet power demand of 120,00 consumers per year
18.03.2019 Electricity , Wind

Enel buys 650 MW of renewable power plants in US

- Group acquires seven fully operational plants including solar, wind and geothermal from its US joint venture EGPNA REP
15.03.2019 Wind , Solar , Geothermal/Biomass , News from companies , Americas , General

Eneco, Shell, Van Oord bid for Dutch offshore wind farms

- Witwind consortium bids for Hollandse Kust III and IV farms to be built in North Sea to supply green energy for one million households
14.03.2019 Wind , News from companies , Europe , General
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