Offshore wind report highlights innovations to reduce cost of energy by up to a third by 2030

Fifty offshore wind innovations identified for substantial renewable market impact by 2030

20492890379_37eeeb5339_kKIC InnoEnergy and BVG Associates, the technical consultancy with expertise in wind and marine energy technologies, have launched a joint report, ‘Future renewable energy costs: offshore wind.’

The presentation took place at WindEnergy Hamburg this week in a session called ‘Optimising O&M to reduce LCOE’ on Thursday 29 September 2016.

The report assesses how technology innovation could reduce the cost of energy from European offshore wind farms. KIC InnoEnergy and BVG Associates carried out the research in order to identify innovations that will allow offshore wind to cost compete with cheaper forms of energy in the future.

Over 50 innovations were highlighted in the report as having the potential to make a substantial reduction in the levelised cost of energy (LCOE) through changes to design, hardware, software or process. It was found that the technologies could reduce the LCOE by a third by 2030.

“We know that there is a tremendous potential across the value chain for offshore wind innovations to reduce the cost of energy in the future,” says Emilien Simonot, Renewables Technology Officer at KIC InnoEnergy.

“The findings of this report are extremely positive and we are looking forward to working with the offshore wind innovations of the future to drive them to commercial success and reduce the LCOE.”

The report made use of Delphos, KIC InnoEnergy’s offshore wind cost model, which is a credible, consistent and robust methodology for exploring and tracking the future impact of innovation on the LCOE.

“Innovation is thriving throughout the wind energy industry,” adds Kate Freeman of BVG Associates. “But it’s important when assessing LCOE to take a system wide view. The modelling work we completed with KIC InnoEnergy used our knowledge and experience to identify the areas of innovation that could have greatest impact on LCOE.”

Two-thirds of the anticipated impact on the LCOE is shown to be achievable through nine areas of innovation, the largest of which is the increase in turbine size from 4MW to 10MW. By having fewer turbines, significant savings can be achieved in the cost of foundations and construction, and in operational expenditure.

The full report is available here.